The Historical Context

Abstract

The name of the British currency provides an insight into deep-rooted attitudes to its role in the scheme of things. No other currency has a special title. Sterling denotes strength, leading most people to believe that the pound therefore ought to be strong. If its value rises, the newscasters rejoice; if it weakens, they sound despondent. No other currency has anything like the City to champion its role. The City has a special and powerful position in Britain, not only in the financial world, but also in the esteem with which many people regard its functions. It is thought of as one of Britain’s relatively few outstanding commercial successes, and as something of a flagship for the British economy.