The unit of currency in the United Kingdom is the pound sterling, commonly referred to simply as the pound. Its symbol is "£," and the currency code is GBP (Great British Pound). The pound has a long history, tracing back to Anglo-Saxon times when it was initially based on a specific weight of silver. Today, the pound is subdivided into 100 pence. The Bank of England is responsible for issuing the currency and managing the country’s monetary policy. The pound is widely recognized and traded in the global financial markets, making it one of the major world currencies.