The Pound Sterling is the official currency of the United Kingdom. It is sometimes referred to simply as “Sterling” in currency markets.
Sterling is one of the oldest currency units in existence, having been used since the 800’s. The Pound Sterling is one of the most traded currency units in the world.
Today, there are around 28 billion pound sterling coins in circulation – that’s about 430 for each person in the UK! The most common coin is the one pound coin, of which there are around 11 billion in existence.
The Bank of England is responsible for controlling currency production and setting interest rates (known as monetary policy). They also work to ensure that currency maintains its value, known as price stability. The Bank of England is independent from the UK government, but the Chancellor of the Exchequer (the UK’s finance minister) sets the overall economic policy for the country
The pound is also used in a number of overseas territories which are not part of the UK, such as Gibraltar and the Falkland Islands. The currency is also used by a number of British Overseas Territories, including South Georgia and the South Sandwich Islands, British Antarctic Territory, Saint Helena, Ascension and Tristan da Cunha, Akrotiri and Dhekelia (sovereign base areas on Cyprus), and by a number of Crown dependencies which are not part of the UK but are self-governing possessions of the British Crown such as Jersey, Guernsey and the Isle of Man.
The key update of the week is that the Bank of England has increased its interest rate by 0.5%, the largest increase since the Bank’s
This week has been dominated by the fears of a looming recession following the release of key GDP and confidence data. Significant news was released