Pound sterling

The official currency of the United Kingdom, divided into 100 pence. Its banknotes and coins are issued in pounds sterling and pence.

Bank of England: The United Kingdom’s central bank, responsible for monetary policy and issuing banknotes in England and Wales. It sets monetary policy and issues the banknotes used across much of the UK.
Pound (currency): A unit of currency historically based on a pound of silver and used by several countries. Sterling belongs to a wider family of currencies called pounds.
Currency market: A global market where currencies are bought and sold against one another. Sterling is traded there continuously against other major currencies.
Euro: The common currency used by members of the euro area and several other European states. The euro is the major European currency the UK chose not to adopt.
Inflation in the United Kingdom: The rise over time in prices of goods and services in the United Kingdom. Inflation changes what a pound can buy and guides monetary policy.
Monetary policy of the United Kingdom: The actions through which UK authorities influence inflation, interest rates, and economic activity. Interest-rate decisions affect sterling’s value and the cost of borrowing.
History of the pound sterling: The development of sterling from medieval accounting money into the modern United Kingdom’s currency. Its changing standards and institutions explain how today’s currency emerged.
Reserve currency: A currency held by central banks and institutions for international payments and financial stability. Sterling remains part of global official reserves despite the pound’s reduced historical dominance.
US dollar: The official currency of the United States and a leading global reserve currency. The dollar often serves as sterling’s key comparison in exchange markets.
Black Wednesday: The 16 September 1992 crisis when the UK withdrew sterling from the European Exchange Rate Mechanism. The episode exposed the limits of defending sterling at a fixed exchange rate.

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Economy of the United KingdomRelated: Sterling is the unit of account for domestic prices, wages, taxes, and public spending.