EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-3 No. 333-164343) of CurrencyShares^® British Pound Sterling Trust of our reports dated January 14, 2013, with respect to the financial statements of CurrencyShares^® British Pound Sterling Trust, and the effectiveness of internal control over financial reporting of CurrencyShares^® British Pound Sterling Trust, included in this Annual Report (Form 10-K) for the year ended October 31, 2012.

/s/ Ernst & Young LLP

McLean, Virginia

January 14, 2013