GUIDE ON EMIGRATING TO THE UK

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British Money

The Pound is the official currency of the United Kingdom and its overseas territories. The Channel Islands and the Isle of Man use their own system of pound sterling.  The currency is also used in the Falkland Islands and Gibraltar. A pound is subdivided into 100 pence. A number of nations that do not use sterling also have currencies called the pound. Egypt is one example. The pound sterling is the full name used to distinguish the UK pound from the other forms of pound.

Sterling is the fourth most traded currency in the world behind the US dollar, Euro and Japanese Yen. Combined with those three currencies the pound is one of the basket of currencies that make up the IMF special drawing rights. Sterling is the third most held reserve currency out of the global reserve currencies.

During the days of the British Empire, sterling was used all over the world and was often in circulation alongside the native currencies of the British territories, the nations that used sterling included Australia, Cyprus, New Zealand, South Africa and British West Africa.

The UK itself is a constitutional monarchy comprised of the kingdoms of England, Scotland and Wales and Northern Ireland. Each member country has Queen Elizabeth the second as their head of state. The population of the UK is estimated at over 62 million people and has the seventh largest economy in the world.