Pound sterling
£
Sterling (abbreviation: stg; ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound (sign: £) is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves.
The Bank of England is the central bank for sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par. Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire.
"Sterling" is the name of the currency as a whole while "pound" and "penny" are the units of account. This is analogous to the distinction between "renminbi" and "yuan" when discussing the official currency of the People's Republic of China.
Country
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British Indian Ocean Territory
The only inhabitants are British and United States military personnel, and associated contractors, who collectively number around 3,000 (2018 figures). The forced removal of Chagossians from the Chagos Archipelago occurred between 1968 and 1973. The Chagossians, then numbering about 2,000 people, were expelled by the UK government to Mauritius and Seychelles in order to construct the military base. Today, the exiled Chagossians are still trying to return, saying that the forced expulsion and dispossession was unlawful, but the UK government has repeatedly denied them the right of return. The islands are off-limits to Chagossians, tourists, and the media. -
Guernsey
It is the second largest of the Channel Islands, an island group roughly north of Saint-Malo and west of the Cotentin Peninsula. The jurisdiction consists of ten parishes on the island of Guernsey, three other inhabited islands (Herm, Jethou and Lihou), and many small islets and rocks. -
Isle of Man
Humans have lived on the island since before 6500 BC. Gaelic cultural influence began in the 5th century AD, when Irish missionaries following the teaching of St. Patrick began settling the island, and the Manx language, a branch of the Goidelic languages, emerged. In 627, King Edwin of Northumbria conquered the Isle of Man along with most of Mercia. In the 9th century, Norsemen established the thalassocratic Kingdom of the Isles, which included the Isle of Man. Magnus III, King of Norway from 1093 to 1103, reigned as King of Mann and the Isles between 1099 and 1103. -
Jersey
Jersey was part of the Duchy of Normandy, whose dukes became kings of England from 1066. After Normandy was lost by the kings of England in the 13th century, and the ducal title surrendered to France, Jersey remained loyal to the English Crown, though it never became part of the Kingdom of England. -
United Kingdom
The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 1707 formed the Kingdom of Great Britain. Its union in 1801 with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland. Most of Ireland seceded from the UK in 1922, leaving the present United Kingdom of Great Britain and Northern Ireland, which formally adopted that name in 1927. The nearby Isle of Man, Guernsey and Jersey are not part of the UK, being Crown Dependencies with the British Government responsible for defence and international representation. There are also 14 British Overseas Territories, the last remnants of the British Empire which, at its height in the 1920s, encompassed almost a quarter of the world's landmass and a third of the world's population, and was the largest empire in history. British influence can be observed in the language, culture and the legal and political systems of many of its former colonies.