query: What is the currency of England 2018?
passage: Banknotes of the pound sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling (symbol: £; ISO 4217 currency code GBP [Great Britain pound]).
passage: Economic history of the United Kingdom
The British pound was tied to EU exchange rates, using the Deutsche Mark as a basis, as part of the Exchange Rate Mechanism (ERM); however, this resulted in disaster for Britain. The restrictions imposed by the ERM put pressure on the pound, leading to a run on the currency. Black Wednesday in September 1992 ended British membership of the ERM. It also damaged the credibility of the Conservative's reputation for economic competence, and contributed to the end of the 18 years of consecutive Conservative government in 1997. The party had long been divided over European issues and many of these rifts within the party had still not been mended by 1997.