The currency of the United Kingdom is the Pound Sterling (£), commonly referred to simply as the pound. It is one of the oldest currencies still in use today, with origins dating back to Anglo-Saxon times. The pound is subdivided into 100 pence. The Bank of England is responsible for issuing notes and managing monetary policy in the UK. Although the UK participates in the European Union's economy, it opted not to adopt the Euro and continues to use the pound as its official currency, which is recognized globally.