http://h71000.www7.hp.com/wizard/faq/vmsfaq_003.html#time12The results of an international compromise---though some would say an international attempt to increase confusion---UTC is refered to as "Coordinated Universal Time" (though not as CUT) in English and as "Temps Universel Coordinné" (though not as TUC) in French. (No particular information exists to explain why UTC was chosen over the equally nonsensical TCU, according to Ulysses T. Clockmeister, one of the diplomats that helped establish the international compromise.)
Universal Time UT0 is solar time, UT1 is solar time corrected for a wobble in the Earth's orbit, and UT2 is UT1 corrected for seasonal rotational variations in rotation due to the Earth's solar orbit.
GMT---Greenwich Mean Time---is UT1. GMT is the time at the classic site of the since-disbanded Royal Greenwich Observatory; at the most widely-known tourist attraction of Greenwich, England.
UTC is based on an average across multiple atomic clocks, and is kept within 0.9 seconds of GMT, through the insertion (or removal) of seconds. In other words, UTC matches GMT plus or minus up to 0.9 seconds, but UTC is not GMT.
Further discussions of history and politics, the Royal Observers' outbuildings, and the compromise that left the English with the Time Standard (the Prime Meridian) and the French with the standards for Distance and Weight (the Metric System) are left to other sources. Some of these other sources include the following URLs:
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ftp://elsie.nci.nih.gov/pub/ *
http://physics.nist.gov/GenInt/Time/time.html *
http://nist.time.gov/