Greenwitch Mean Time and BST?

My understanding of it is GMT is Greenwich Meridian Time and the meridian that runs through Greenwich England. Right now its about 7:00 pm in Greenwich England and it is 2:00 pm EST in the US, Greenwich is 5 hours faster than us here on the east coast of the US so our clock shows 2:00 pm but the GMT is 7:00, California its 11:00 am right now but the GMT is still 2:00.