UK Accounting Glossary
The pound is a unit of currency. The pound, which finds its origin in England, historically referred to the worth of a quantity of silver weighing one pound. The pound, as used in the UK for currency, is formally called the pound sterling or also the British pound, but often simply referred to as the pound. GBP is the abbreviation of the pound sterling or British pound and its symbol is £. Some British overseas territories and the UK crown dependencies also use the pound sterling (GBP). Other countries using the pound are Egypt (Egyptian pound), Lebanon (Lebanese pound), Sudan (Sudanese pound), and Syria (Syrian pound). Unlike some other European countries which have been using the euro since 2002, the UK is still using the pound sterling (GBP) which makes the pound the oldest active currency used in the world.
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This glossary post was last updated: 6th February 2020.