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Like houses and cars and stuff as well.
then start selling them for more than £1
All of the banks would crash. Many states would effectively go bankrupt. Calls for a revolution would go unneeded by the G20 states who would quickly move to hold a summit aimed at restoring capitalism. There'd be a rehabilitation period including state compensation and increased regulation, including a new IMF or something. Someone would probably get a hefty severance package for instigating such a poorly judged policy in the first place.
Unless you mean in the UK alone. They'd probably blame the euro or Europe.
*puts on Michio Kaku voice*
So it turns out you can actually SOLVE Einstein's equations of relativity and a universe in which everything costs exactly one pound IS a valid solution. Now this has big consequences for what we call a wormhole, and that is a potential structure that probably exists, in which you COULD enter and end up in another part of the universe!
for what I said about you
Would it be £1 per transaction, regardless of quantity?