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UK Sterling
The official currency for the United Kingdom is Sterling also known as the pound. 1 pound is divided into 100 pence. Sterling is used in England, Wales, Scotland and Northern Ireland, but the Euro is used in the Republic of Ireland.
Currency regime
Sterling floats against the major currencies. The UK is not part of the Euro area and the currency is not in the Exchange Rate Mechanism. Sterling, therefore, is not fixed against the Euro and can move sharply.