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Setelah reunifikasi Jerman pada tahun 1990, kebalikannya berlaku, karena biaya pinjaman Jerman yang tinggi untuk mendanai rekonstruksi Timur, diperburuk oleh keputusan politik untuk mengubah Ostmark menjadi D–Mark dengan basis 1:1, berarti bahwa suku bunga di negara lain membayangi D-Mark, terutama BR, terlalu tinggi dibandingkan dengan keadaan domestik, yang menyebabkan penurunan perumahan dan resesi.
=== Mengikuti Unit Mata Uang Eropa ===
===Following the European Currency Unit===
OnPada tanggal 8 OctoberOktober 1990 the Conservativepemerintah governmentKonservatif ([[Third Kementerian Thatcher ministry]]Ketiga ) decidedmemutuskan tountuk joinbergabung thedengan [[EuropeanMekanisme ExchangeNilai RateTukar Mechanism]]Eropa (ERM), withdengan £1 setditetapkan atpada [[DeutscheDM Mark|DM]] 2.,95. HoweverNamun, thenegara countryitu wasterpaksa forcedmenarik todiri withdrawdari fromsistem thepada system" onRabu "[[BlackHitam Wednesday]]" (16 September 1992) askarena Britain'skinerja economicekonomi performanceBritania mademembuat thenilai exchangetukar ratetidak unsustainableberkelanjutan. ThePeristiwa eventitu wasjuga alsodipicu triggeredoleh bykomentar comments bypresiden Bundesbank president Helmut Schlesinger whoyang suggested themenyarankan pound wouldpada eventuallyakhirnya haveharus todidevaluasi. be devalued.<ref>{{Cite book |last=Naef |first=Alain |url=https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6 |title=An Exchange Rate History of the United Kingdom: 1945–1992 |date=2022 |publisher=Cambridge University Press |isbn=978-1-108-83999-0 |series=Studies in Macroeconomic History |location=Cambridge |page=214}}</ref> <ref>{{Cite book |last=James |first=Harold |url=https://www.cambridge.org/core/books/making-a-modern-central-bank/901C6C0969209C20D1962B698DA26874 |title=Making a Modern Central Bank: The Bank of England 1979–2003 |date=2020 |publisher=Cambridge University Press |isbn=978-1-108-83501-5 |series=Studies in Macroeconomic History |location=Cambridge |page=290}}</ref>
"Rabu Hitam" melihat suku bunga melonjak dari 10% menjadi 15% dalam upaya yang gagal untuk menghentikan pound agar tidak jatuh di bawah batas ERM. Nilai tukar jatuh ke DM 2.20. Mereka yang berpendapat <ref name=":0" /> untuk nilai tukar GBP/DM yang lebih rendah dibenarkan karena pound yang lebih murah mendorong ekspor dan berkontribusi pada kemakmuran ekonomi tahun 1990-an. <sup>[ ''rujukan?'' ]</sup> {{citation needed|date=June 2022}}
"Black Wednesday" saw interest rates jump from 10% to 15% in an unsuccessful attempt to stop the pound from falling below the ERM limits. The exchange rate fell to DM 2.20. Those who had argued<ref>Wren-Lewis, Simon, et al. (June 1991). "Evaluating the U.K.'s Choice of Entry Rate into the ERM", ''The Manchester School of Economic & Social Studies Vol. LIV Supplement'', University of Manchester, pp. 1–22.</ref> for a lower GBP/DM exchange rate were vindicated since the cheaper pound encouraged exports and contributed to the economic prosperity of the 1990s.{{citation needed|date=June 2022}}
=== Mengikuti target inflasi ===
===Following inflation targets===
InPada tahun 1997, thepemerintah newlyPartai electedBuruh [[Labouryang Partybaru (UK)|Labour]]terpilih governmentmenyerahkan handedkendali over daysehari-to-dayhari controlatas ofsuku interestbunga rates to thekepada [[Bank of England]] (asebuah policykebijakan thatyang hadawalnya originallydiadvokasi beenoleh advocatedDemokrat by the [[Liberal Democrats (UK)|Liberal. Democrats]]).<ref>{{cite hansard |housename=[[House of Commons of the United Kingdom|House of Commons]] |url=https"://publications.parliament.uk/pa/cm199798/cmhansrd/vo970702/debtext/70702-21.htm0" |date=2 July 1997 |column_start=303 |column_end=303 |title=Budget Statement }} {{Webarchive|url=https://web.archive.org/web/20170922045429/https://publications.parliament.uk/pa/cm199798/cmhansrd/vo970702/debtext/70702-21.htm |date=22 September 2017 }}</ref> The Bank issekarang nowbertanggung responsiblejawab foruntuk settingmenetapkan itstingkat basebunga ratedasar ofuntuk interestmenjaga so as to keep inflationinflasi (asyang measureddiukur bydengan the [[Consumer Price Index (United Kingdom)|ConsumerIndeks PriceHarga Index]]Konsumen (CPIIHK)) verysangat closedekat todengan 2% per annumtahun. ShouldJika CPIinflasi inflationIHK belebih moredari thansatu onepersen percentagedi pointatas aboveatau ordi below thebawah target, the Governor of theGubernur Bank of England iswajib requiredmenulis tosurat writeterbuka ankepada open letter to the [[Chancellor of the Exchequer]]Exchequermenjelaskan explainingalasannya thedan reasonslangkah-langkah foryang thisakan anddiambil theuntuk measuresmengembalikan whichukuran willinflasi beini takenke to bring this measure of inflation back in line with thesasaran 2%. target.Pada Ontanggal 17 April 2007, annualinflasi CPIIHK inflationtahunan wasdilaporkan reported atsebesar 3.,1% (inflationinflasi ofIndeks theHarga [[RetailEceran Prices Index (United Kingdom)|Retail Prices Index]] wassebesar 4.,8%). AccordinglyOleh karena itu, anddan foruntuk the firstpertama timekalinya, theGubernur Governorharus hadmenulis tosecara writeterbuka publiclykepada toPemerintah theBR UKmenjelaskan Governmentmengapa explaininginflasi whylebih inflationdari wassatu morepoin thanpersentase onelebih percentagetinggi pointdari highertargetnya. than its target.<ref>{{Cite news |last=<!--Staff writer(s); no by-line.--> |date=17 April 2007 |title=Rate hike fear as inflation jumps |work=BBC News |url=http://news.bbc.co.uk/1/hi/business/6562723.stm |access-date=17 April 2010 |archive-date=15 December 2007 |archive-url=https://web.archive.org/web/20071215001257/http://news.bbc.co.uk/1/hi/business/6562723.stm |url-status=live }}</ref>
===Euro===
{{Main|:en:United Kingdom and the euro}}
In 2007, [[Gordon Brown]], then [[Chancellor of the Exchequer]], ruled out membership in the eurozone for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe.<ref>{{Cite news |last=Treneman |first=Ann |author-link=Ann Treneman |date=24 July 2007 |title=Puritanism comes too naturally for 'Huck' Brown |work=[[The Times]] |location=London |url=http://www.thetimes.co.uk/tto/news/politics/article2023652.ece |url-access=subscription |access-date=14 February 2014 |archive-date=3 March 2014 |archive-url=https://web.archive.org/web/20140303163858/http://www.thetimes.co.uk/tto/news/politics/article2023652.ece |url-status=live }}</ref> ▼
atau dalam Bahasa Indonesia: Britania Raya dan euro.
On 1 January 2008, with the [[Republic of Cyprus]] switching its currency from the [[Cypriot pound]] to the euro, the British sovereign bases on Cyprus ([[Akrotiri and Dhekelia]]) followed suit, making the [[Akrotiri and Dhekelia|Sovereign Base Areas]] the only territory under British sovereignty to officially use the euro.<ref>{{Cite news |last=Theodoulou |first=Michael |author-link=Michael Theodoulou |date=27 December 2007 |title=Euro reaches field that is for ever England |work=The Times |location=London |url=http://www.thetimes.co.uk/tto/news/world/europe/article2596459.ece |url-access=subscription |access-date=14 February 2014 |archive-date=3 March 2014 |archive-url=https://web.archive.org/web/20140303163905/http://www.thetimes.co.uk/tto/news/world/europe/article2596459.ece |url-status=live }}</ref> ▼
▲InPada tahun 2007, [[Gordon Brown ]] , thenyang [[Chancellorsaat ofitu themenjabat Exchequer]],sebagai ruledMenteri outKeuangan membership, inmengesampingkan thekeanggotaan eurozonedi forzona theeuro foreseeableuntuk futuremasa mendatang, sayingdengan thatmengatakan thebahwa decisionkeputusan notuntuk totidak joinbergabung hadadalah beentepat rightuntuk forBritania Britaindan andEropa. for Europe.<ref>{{Cite news |last=Treneman |first=Ann |author-link=Ann Treneman |date=24 July 2007 |title=Puritanism comes too naturally for 'Huck' Brown |work=[[The Times]] |location=London |url=http://www.thetimes.co.uk/tto/news/politics/article2023652.ece |url-access=subscription |access-date=14 February 2014 |archive-date=3 March 2014 |archive-url=https://web.archive.org/web/20140303163858/http://www.thetimes.co.uk/tto/news/politics/article2023652.ece |url-status=live }}</ref>
The government of former Prime Minister [[Tony Blair]] had pledged to hold a public referendum to decide on the adoption of the Euro should "[[five economic tests]]" be met, to increase the likelihood that any adoption of the euro would be in the national interest. In addition to these internal (national) criteria, the UK would have to meet the European Union's economic [[convergence criteria]] (Maastricht criteria) before being allowed to adopt the euro. The [[Cameron–Clegg coalition|Conservative and Liberal Democrat coalition government]] (2010–2015) ruled out joining the euro for that parliamentary term.
▲OnPada 1 JanuaryJanuari 2008, withdengan theRepublik [[RepublicSiprus ofmengalihkan Cyprus]]mata switchinguangnya its currency from the [[Cypriotdari pound ]] toSiprus theke euro, thebasis Britishkedaulatan sovereignBritania basesdi on CyprusSiprus ( [[ Akrotiri anddan Dhekelia ]] ) followed suitmengikuti, makingmenjadikan theArea [[AkrotiriPangkalan andBerdaulat Dhekelia|Sovereignsatu-satunya Basewilayah Areas]]di thebawah onlykedaulatan territoryBritania underyang Britishsecara sovereigntyresmi to officially use themenggunakan euro. <ref>{{Cite news |last=Theodoulou |first=Michael |author-link=Michael Theodoulou |date=27 December 2007 |title=Euro reaches field that is for ever England |work=The Times |location=London |url=http://www.thetimes.co.uk/tto/news/world/europe/article2596459.ece |url-access=subscription |access-date=14 February 2014 |archive-date=3 March 2014 |archive-url=https://web.archive.org/web/20140303163905/http://www.thetimes.co.uk/tto/news/world/europe/article2596459.ece |url-status=live }}</ref>
The idea of replacing sterling with the euro was always controversial with the British public, partly because of sterling's identity as a symbol of British sovereignty and because it would, according to some critics, have led to suboptimal interest rates, harming the British economy.<ref>{{Cite news |date=12 May 2003 |title=Should Britain join the euro? |work=[[The Daily Telegraph]] |location=London |url=https://www.telegraph.co.uk/expat/4187263/Should-Britain-join-the-euro.html |access-date=14 February 2014 |archive-date=24 March 2014 |archive-url=https://web.archive.org/web/20140324191107/http://www.telegraph.co.uk/expat/4187263/Should-Britain-join-the-euro.html |url-status=live }}</ref> In December 2008, the results of a [[BBC]] poll of 1,000 people suggested that 71% would vote no to the euro, 23% would vote yes, while 6% said they were unsure.<ref>{{Cite news |date=1 January 2009 |title=Most Britons 'still oppose euro' |work=BBC News |url=http://news.bbc.co.uk/1/hi/uk/7806936.stm |access-date=17 April 2010 |archive-date=3 September 2017 |archive-url=https://web.archive.org/web/20170903072201/http://news.bbc.co.uk/1/hi/uk/7806936.stm |url-status=live }}</ref> Sterling did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK had opt-outs from entry to the euro. Theoretically, every EU nation but Denmark must eventually sign up.
Pemerintah mantan Perdana Menteri Tony Blair telah berjanji untuk mengadakan referendum publik untuk memutuskan adopsi Euro jika " lima tes ekonomi " dipenuhi, untuk meningkatkan kemungkinan bahwa setiap adopsi euro akan menjadi kepentingan nasional. Selain kriteria internal (nasional) ini, BR harus memenuhi kriteria konvergensi ekonomi Uni Eropa (kriteria Maastricht) sebelum diizinkan untuk mengadopsi euro. Pemerintah koalisi Demokrat Liberal dan Konservatif (2010-2015) mengesampingkan bergabung dengan euro untuk masa jabatan parlementer itu.
As a member of the [[European Union]], the United Kingdom could have adopted the [[euro]] as its currency. However, the subject was always politically controversial, and the UK negotiated an opt-out on this issue. Following the [[Brexit|UK's withdrawal from the EU]], on 31 January 2020, the Bank of England ended its membership of the [[European System of Central Banks]],<ref>{{Cite press release |title=ECB welcomes ratification of agreement on orderly UK withdrawal from European Union |date=30 January 2020 |publisher=European Central Bank |url=https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_1~0e0eb9bef4.en.html |access-date=29 June 2020 |archive-date=11 July 2020 |archive-url=https://web.archive.org/web/20200711171846/https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_1~0e0eb9bef4.en.html |url-status=live }}</ref> and shares in the [[European Central Bank]] were reallocated to other EU banks.<ref>{{Cite press release |title=ECB's subscribed capital to remain steady after Bank of England leaves the European System of Central Banks |date=30 January 2020 |publisher=European Central Bank |url=https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_2~59d6ffffe1.en.html |access-date=29 June 2020 |archive-date=4 June 2020 |archive-url=https://web.archive.org/web/20200604225347/https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_2~59d6ffffe1.en.html |url-status=live }}</ref>
Gagasan untuk mengganti sterling dengan euro selalu kontroversial dengan publik Britania, sebagian karena identitas sterling sebagai simbol kedaulatan Britania dan karena itu, menurut beberapa kritikus, telah menyebabkan suku bunga suboptimal, merugikan ekonomi Britania. <ref name=":0" /> Pada bulan Desember 2008, hasil jajak pendapat BBC terhadap 1.000 orang menunjukkan bahwa 71% akan memilih tidak untuk euro, 23% akan memilih ya, sementara 6% mengatakan mereka tidak yakin. <ref name=":0" /> Sterling tidak bergabung dengan Mekanisme Nilai Tukar Eropa Kedua (ERM II) setelah euro dibuat. Denmark dan BR telah memilih keluar dari masuk ke euro. Secara teoritis, setiap negara UE kecuali Denmark pada akhirnya harus mendaftar.
Sebagai anggota Uni Eropa , Britania Raya dapat mengadopsi euro sebagai mata uangnya. Namun, subjeknya selalu kontroversial secara politik, dan BR menegosiasikan pilihan untuk tidak ikut dalam masalah ini. Menyusul penarikan BR dari UE , pada 31 Januari 2020, Bank of England mengakhiri keanggotaannya di Sistem Bank Sentral Eropa , <ref name=":0" /> dan saham di Bank Sentral Eropa dialokasikan kembali ke bank-bank UE lainnya. <ref>{{Cite press release |title=ECB's subscribed capital to remain steady after Bank of England leaves the European System of Central Banks |date=30 January 2020 |publisher=European Central Bank |url=https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_2~59d6ffffe1.en.html |access-date=29 June 2020 |archive-date=4 June 2020 |archive-url=https://web.archive.org/web/20200604225347/https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200130_2~59d6ffffe1.en.html |url-status=live }}</ref>
===Recent exchange rates===
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