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British Pound (GBP) | Currency Rates and Info | XS

Learn about the British Pound (GBP), its symbol £, and its role as the official currency of the United Kingdom. Get currency info, exchange rates, and detailed insights.

Overview

The British Pound Sterling (GBP) is the official currency of the United Kingdom and its territories. It is divided into 100 pence and is a free-floating currency. The pound is the oldest currency still in use today and remains one of the top five most traded currencies worldwide.

Role in the Economy

Economic Position: The UK is one of the largest economies in Europe and ranks among the top 10 globally.
Key Drivers: The economy is driven by financial services, technology, healthcare, and energy.
Global Trade: The pound is regionally significant and globally influential, especially in banking, insurance, and commodity markets.
Memberships: The UK is a member of the WTO, IMF, G7, and G20.
Imports and Exports: Imports include machinery, electronics, vehicles, and food. Exports are led by financial services, machinery, pharmaceuticals, and oil.
Economic Outlook: The pound remains stable but is affected by Bank of England policies, global market conditions, and political events such as Brexit.

Historical Background

The British Pound has a history dating back over 1,200 years, making it the world’s oldest currency still in use. It was once backed by silver and gold, and during the 19th and early 20th centuries, it was the world’s leading reserve currency before the rise of the U.S. dollar. Today, it remains a major global currency, free-floating and heavily traded in financial markets.