| − | The currency of the United Kingdom is the [[Pound|Pound Sterling]], commonly called Pound and written £ or GBP, divided into 100 New Pence (now commonly just called pence or 'p'). Traditionally the UK had a complicated triple currency structure of 20 [[shilling|shillings]] to the Pound and 12 "old pence" (represented by a "d" from the Roman ''denarius'') to the shilling, making a total of 240 pence to the Pound. This system was abandoned in 1971 due to difficulties with computerised accounting systems, in favour of the current [[decimal]] system. This change was not without its critics. | + | The currency of the United Kingdom is the [[Pound|Pound Sterling]], commonly called Pound and written £ or GBP, divided into 100 New Pence (now commonly just called pence or 'p'). Traditionally the UK had a complicated triple currency structure of 20 [[shilling|shillings]] to the Pound and 12 "old pence" (represented by a "d" from the Roman ''denarius'') to the shilling, making a total of 240 pence to the Pound. This system was abandoned in 1971 due to difficulties with computerised accounting systems, in favour of the current [[decimal]] system. |
| − | The UK was one of the three [[European Union]] nations of the time (along with [[Sweden]] and [[Denmark]]) not to join the [[Euro]] at its inception, a position it maintains. Banks in Scotland and Northern Ireland are permitted to print their own banknotes, as long as they keep an equivalent amount of sterling in reserve. | + | The UK has never joined the [[Euro]] zone. |