The currency used in the United Kingdom is the "British pound sterling," often simply referred to as the pound (£). This currency is subdivided into 100 pence. The pound sterling is one of the oldest currencies still in use today and serves as the official currency for England, Scotland, Wales, and Northern Ireland, as well as for some of the British territories. The Bank of England is responsible for issuing banknotes and managing monetary policy. The pound sterling is also widely recognized and traded globally, making it an important currency in international finance and trade.