The currency used in the United Kingdom is the British pound sterling, often simply referred to as the pound. Its symbol is £, and it is abbreviated as GBP (Great British Pound) in currency trading. The pound is one of the oldest currencies still in use today and plays a significant role in the global economy. It is subdivided into 100 pence (singular: penny). The pound has seen various forms over the centuries, with its current form being established in decimal currency in 1971.