England's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £28,100 or $36,000. Her Majesty's Treasury, led by the Chancellor of the Exchequer, is responsible for developing and executing the government's public finance policy and economic policy. Usually regarded as a mixed market economy, it has adopted many free market principles, yet maintains an advanced social welfare infrastructure. The official currency in England is the pound sterling, whose ISO 4217 code is GBP. Taxation in England is quite competitive when compared to much of the rest of Europe – the basic rate of personal tax is 20% on taxable income up to £31,865 above the personal tax-free allowance (normally £10,000), and 40% on any additional earnings above that amount.