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LOCAL CURRENCY IN UNITED KINGDOM

Need to know waht is the local currency in United Kingdom? The local money in United Kingdom is called Pound.

The British Pound is issued and managed by the Bank of England. To find out the current currency exchange rates for Pound to other major currencies of the world, click on foreign currency rates.

British Currency Information
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The currency used in United Kingdom is called as the Pound. This currency is denoted with the currency sign £ and the ISO 4217 Code for the British Pound is GBP. The Pound, is the official currency of the United Kingdom . It is divided into 100 smaller units called Penny.

The constitution of United Kingdom provides that the United Kingdom government shall have the power to print the British Pound and Penny coins to be used as a legal tender in United Kingdom. The British Pound bank notes and Penny coins are both designated as "legal tender" in payment of debts.

The British Pound bill uses the decimal system, consisting of 100 equal units.

The symbol £, usually written before the numerical amount, is used for the British Pound.

Currently printed bank notes denominations are £5, £10, £20, £50 and the coins are minted in the denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 .

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How Does Balance of Trade and Investment Affect the Value of the British Pound
Financial analysts regularly cite the balance of trade and investment in United Kingdom as the most important influence on the value of the Pound. The difference between what the United Kingdom exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Pound exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Pound exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the British Pound.
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