The currency used in the UK is the pound sterling, often symbolized as "£" or abbreviated as GBP (Great British Pound). The pound has a long history, dating back to the Anglo-Saxon period and has undergone various changes in value and form over the centuries. It is subdivided into 100 pence (singular: penny). The Bank of England, established in 1694, is responsible for issuing and regulating the currency. The pound sterling is considered one of the world's leading reserve currencies, reflecting its importance in international finance and trade.