British money is called the "pound sterling." It is commonly abbreviated as "GBP," which stands for Great British Pound. Let's break down this concept step by step:

1. The Name: The currency is called the pound. The full term is "pound sterling," where "sterling" refers to the quality of the currency.
2. The Symbol: The symbol for the pound is "£." This symbol is used in prices and financial documents.
3. Subunits: The pound is divided into smaller units called pence. There are 100 pence in one pound. The symbol for pence is "p." For example, 50 pence is written as "50p."
4. Coins and Notes: British currency includes various coins and banknotes. Common coins include 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2. Banknotes come in denominations of £5, £10, £20, and £50.

In summary, British money is primarily referred to as the pound sterling, and it consists of pounds and pence, with specific coins and banknotes used in everyday transactions.