When I travel internationally, I use the following website to determine current exchange rates:
http://www.xe.com/ucc/
USD = U.S. Dollar
GBP = United Kingdom Pound
Minutes ago (it changes often), the exchange rate was...
1 USD = 0.503475 GBP
1 GBP = 1.98620 USD
As previously posted, don't delay on the passport. Start the process immediately.
From my experience, mass transit throughout most of Europe is impressive in comparison to the U.S., especially the rail system.
Purchase airfare as far in advance as possible to secure more attractive rates.
Electricity in the U.S. is typically supplied at 110 or 120 volts and a frequency of 60 Hz. Electricity in Europe is generally supplied at 220 volts and a frequency of 50 Hz. Electrical outlets in much of Europe are designed differently, although most hotels offer a complimentary converter. Consider this for any electronic devices you may use while in Europe, such as an electric razor, laptop, cell phone charger... Make certain they are compatible.
While we are on cell phones, if you plan on using one in Europe, it must be GSM capable.
You think gas prices are outrageous in the U.S.? Be prepared to get bent when filling up in Europe. Somewhere in the ballpark of $6 to $8 U.S. Dollars per Gallon (It is sold in liters across the pond).
Europe is hands down a great place to vacation. One suggestion, don't limit yourself to England. If you have the time and $, hit the mainland.
"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free" -- Ronald Reagan