The primary currency used in the United Kingdom is the British pound sterling, often symbolized as "£" and abbreviated as GBP (Great British Pound). It is one of the oldest currencies still in use today, with roots tracing back to the Anglo-Saxon period. The pound is subdivided into 100 pence (singular: penny). The British pound is a crucial element of the UK economy and is widely recognized as a major global currency, frequently used in foreign exchange markets. Its value can fluctuate based on economic conditions, political events, and changes within the UK and global market.