FOR CLEAN VERSION SEE STORY NUMBER: 4038463

LEAD IN:

UK wine industry experts are eyeing the upcoming vote on whether to leave the European Union with mixed feelings.

With producers and suppliers heavily reliant on pan-European trade, many remain unsure how Brexit will impact upon business.

STORY-LINE:

Sparkling wine on a summer's day in the English capital.

Glistening flutes and bottles in abundance, and a crowd of happy lunchtime drinkers add to the atmosphere of excitement and discovery, along with an impromptu game of ping pong.

It must be London Wine Week.

This is the third year of the festival, and this year is the most popular to date.

Festival director Emma Murphy says "It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved" .

But although these flutes of fizz are English sparkling wine, much of the wine the festival goers here are tasting is from EU member states such as France, Spain, Portugal, Italy and Germany.

The June 23 referendum on whether to quit the European Union is fast approaching. So is this something the industry should fear?

"I wouldn't have said so," says Murphy.

"Wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

At the festival hub on London's Devonshire Square, there are pop-up bars featuring wines from across Europe.

These two young graduate trainees are enjoying wines from Portugal, and with their festival wristband, it costs them just five British Pounds for a flight of three.

Oscar Stenbom and Anna Rogers both agree that things may well be different if Britain leaves the union.

"If it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be," says Anna, while Oscar is concerned about regulation and labelling:

"It would also be more difficult to know what you are drinking because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

The New Street wine shop has been taken over by the wine festival. They sell wines from all over the world but today they are holding a tasting featuring wines from Ribera del Duero in northern Spain.

Most wine drinkers know about the region of Rioja, but Bettina Lemm is informing these festival goers about the region she represents.

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero but I think that we're still establishing ourselves."

But if the UK is an important export market, is Brexit going to throw the proverbial spanner into the works? Lemm doesn't seem too worried "I think at the moment we're pretty confident as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment," she says.

Wine used to have a rather old fashioned reputation and a comparatively elderly demographic, but this has changed enormously in recent years.

The prevalence of wine clubs popping up in the UK is an indicator of wine's increasing popularity.

Tom Harrow of Honest Grapes explains why this is "I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people," he says.

With 125 venues across the metropolis taking part in this festival, there's plenty of opportunity to enjoy it with friends.

But with such enthusiasm for wine spreading across the country, June 23 could bring disruption, according to Harrow "It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up" .

However, the future might be bright in other, unexpected ways.

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least," says Harrow, and with apologies to climate change icon Al Gore, he adds that "global warming is a good thing for the UK sparkling wine trade."

Reports by the WSTA (Wine and Spirit Trade Association) suggest there is still some way to go as the UK comes in at number six on the list of sales of sparkling wine by origin - but it's rising year on year.

600 million bottles of wine are bottled in the UK.

This makes the UK wine market the sixth largest in the world, generating 173 billion British pounds of economic activity, according to the WSTA. 10 billion British pounds are made through sales.

Also being showcased here is one of the new kids on the alcohol block, Regal Rogue Vermouth.

According to brand founder Mark Ward, vermouth, by definition, is 75 percent wine. It must have wormwood and it must have an ABV (alcohol by volume) of 15 to 24 percent. These three things have to be in place for a producer to put vermouth on the bottle or it flouts recent EU regulations.

Ward, who was brought up in hospitality, began the project in Australia where he worked closely with top Australian chefs who introduced him to indigenous herbs and spices.

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort." he says.

Ward is attempting to educate the wine drinking market which, he believes, is mostly unaware of the fact that vermouth is fundamentally a wine.

This can only be helped by a new pop up for 2016, the Vermouth Bar.

The parent company of London Wine Week is the aptly named "Drink Up London", and they're already preparing for the 2017 event - Brexit or no Brexit.

FOR CLEAN VERSION SEE STORY NUMBER: 4038463

LEAD IN:

UK wine industry experts are eyeing the upcoming vote on whether to leave the European Union with mixed feelings.

With producers and suppliers heavily reliant on pan-European trade, many remain unsure how Brexit will impact upon business.

STORY-LINE:

Sparkling wine on a summer's day in the English capital.

Glistening flutes and bottles in abundance, and a crowd of happy lunchtime drinkers add to the atmosphere of excitement and discovery, along with an impromptu game of ping pong.

It must be London Wine Week.

This is the third year of the festival, and this year is the most popular to date.

Festival director Emma Murphy says "It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved" .

But although these flutes of fizz are English sparkling wine, much of the wine the festival goers here are tasting is from EU member states such as France, Spain, Portugal, Italy and Germany.

The June 23 referendum on whether to quit the European Union is fast approaching. So is this something the industry should fear?

"I wouldn't have said so," says Murphy.

"Wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

At the festival hub on London's Devonshire Square, there are pop-up bars featuring wines from across Europe.

These two young graduate trainees are enjoying wines from Portugal, and with their festival wristband, it costs them just five British Pounds for a flight of three.

Oscar Stenbom and Anna Rogers both agree that things may well be different if Britain leaves the union.

"If it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be," says Anna, while Oscar is concerned about regulation and labelling:

"It would also be more difficult to know what you are drinking because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

The New Street wine shop has been taken over by the wine festival. They sell wines from all over the world but today they are holding a tasting featuring wines from Ribera del Duero in northern Spain.

Most wine drinkers know about the region of Rioja, but Bettina Lemm is informing these festival goers about the region she represents.

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero but I think that we're still establishing ourselves."

But if the UK is an important export market, is Brexit going to throw the proverbial spanner into the works? Lemm doesn't seem too worried "I think at the moment we're pretty confident as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment," she says.

Wine used to have a rather old fashioned reputation and a comparatively elderly demographic, but this has changed enormously in recent years.

The prevalence of wine clubs popping up in the UK is an indicator of wine's increasing popularity.

Tom Harrow of Honest Grapes explains why this is "I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people," he says.

With 125 venues across the metropolis taking part in this festival, there's plenty of opportunity to enjoy it with friends.

But with such enthusiasm for wine spreading across the country, June 23 could bring disruption, according to Harrow "It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up" .

However, the future might be bright in other, unexpected ways.

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least," says Harrow, and with apologies to climate change icon Al Gore, he adds that "global warming is a good thing for the UK sparkling wine trade."

Reports by the WSTA (Wine and Spirit Trade Association) suggest there is still some way to go as the UK comes in at number six on the list of sales of sparkling wine by origin - but it's rising year on year.

600 million bottles of wine are bottled in the UK.

This makes the UK wine market the sixth largest in the world, generating 173 billion British pounds of economic activity, according to the WSTA. 10 billion British pounds are made through sales.

Also being showcased here is one of the new kids on the alcohol block, Regal Rogue Vermouth.

According to brand founder Mark Ward, vermouth, by definition, is 75 percent wine. It must have wormwood and it must have an ABV (alcohol by volume) of 15 to 24 percent. These three things have to be in place for a producer to put vermouth on the bottle or it flouts recent EU regulations.

Ward, who was brought up in hospitality, began the project in Australia where he worked closely with top Australian chefs who introduced him to indigenous herbs and spices.

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort." he says.

Ward is attempting to educate the wine drinking market which, he believes, is mostly unaware of the fact that vermouth is fundamentally a wine.

This can only be helped by a new pop up for 2016, the Vermouth Bar.

The parent company of London Wine Week is the aptly named "Drink Up London", and they're already preparing for the 2017 event - Brexit or no Brexit.

AP Television

London - 27 May 2016

1. Close of wine glasses

2. Bartender pouring sparkling wine

3. Tilt down on central courtyard at Devonshire Square, the hub for London Wine Week

4. Group of friends enjoying English sparkling wine

5. Men playing table tennis

6. Sign reading (English) "London Wine Week"

7. Set up shot of Emma Murphy, director of London Wine Week

8. SOUNDBITE (English) Emma Murphy, director of London Wine Week

"What's unique about it? It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved whether that's with offers, special menus or ticketed events across the week."

9. Two women with wine flight selection

10. SOUNDBITE (English) Emma Murphy, director of London Wine Week

(Responding to the question Do you think a Brexit will affect the wine industry negatively?)

"I wouldn't have said so, because I mean, I think, you know, wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

11. Sign reading (English) "Pop into our pop up wine bars"

12. Various of Portuguese wine pop up

13. Mid of graduate trainees in insurance Oscar Stenpom and Anna Rogers

14. Flight of Portuguese wines

15. SOUNDBITE (English) Oscar Stenbom and Anna Rogers, Insurance Graduate Trainees:

(Responding to question Do you think a Brexit will mean it will be more difficult for people to access quality wine?)

Stenbom: "Yes,"

Rogers: "I guess so, I mean if it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be."

Stenbom: "It would also be more difficult to know what you're drinking, because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

16. Pull focus of Spanish wine labels

17. Vintage bottles of fortified wine

18. Side view of Spanish wine bottles

19. Set up shot of Bettina Lemm with wines from Ribera del Duero in northern Spain

20. SOUNDBITE (English) Bettina Lemm, Westbury Communications (which represents the Ribera del Duero region in the UK):

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero, but I think that we're still establishing ourselves. A lot of people know some big names from the region, and we're just trying to bring attention to some other grape producers who might not yet have the same recognition."

21. Close of wine labels

22. SOUNDBITE (English) Bettina Lemm, Westbury Communications (who represent the Ribera del Duero region in the UK):

(Responding to the question are you worried about the possibility of a Brexit affecting your export market?)

"I think at the moment we're pretty confident, as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment."

23. Pan from mediaeval knight sculpture to pop up courtyard

24. Mid of Provence wines pop up

25. Establisher shot of Tom Harrow, wine director of Honest Grapes Wine Club

26. Close of Harrow eyeing the wine

27. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"There's been a real rise in wine clubs in London and the UK generally of late, and I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people."

28. Mid of woman laughing over a glass of wine

29. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and then bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up."

30. Woman at table with wine

31. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least - and even the whites, and to an extent the reds are really coming up. So I have to say it - sorry Al Gore - global warming is a good thing for the UK sparkling wine trade."

32. Various of English rose and white sparkling wines

33. Vermouth being poured into a glass

34. Various of "Regal Rogue" Vermouth bottle

35. Tilt up of Mark Ward, founder of Regal Rogue vermouth, and his produce

36. SOUNDBITE (English) Mark Ward, founder of Regal Rogue vermouth:

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort."

37. Crowd of London Wine Week attendees at the Vermouth Bar

38. Mid of vermouth cocktails being made

39. Focus pull of sign reading (English) "Drink Up"

LENGTH: 6:02

LEAD IN:

UK wine industry experts are eyeing the upcoming vote on whether to leave the European Union with mixed feelings.

With producers and suppliers heavily reliant on pan-European trade, many remain unsure how Brexit will impact upon business.

STORY-LINE:

Sparkling wine on a summer's day in the English capital.

Glistening flutes and bottles in abundance, and a crowd of happy lunchtime drinkers add to the atmosphere of excitement and discovery, along with an impromptu game of ping pong.

It must be London Wine Week.

This is the third year of the festival, and this year is the most popular to date.

Festival director Emma Murphy says "It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved" .

But although these flutes of fizz are English sparkling wine, much of the wine the festival goers here are tasting is from EU member states such as France, Spain, Portugal, Italy and Germany.

The June 23 referendum on whether to quit the European Union is fast approaching. So is this something the industry should fear?

"I wouldn't have said so," says Murphy.

"Wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

At the festival hub on London's Devonshire Square, there are pop-up bars featuring wines from across Europe.

These two young graduate trainees are enjoying wines from Portugal, and with their festival wristband, it costs them just five British Pounds for a flight of three.

Oscar Stenbom and Anna Rogers both agree that things may well be different if Britain leaves the union.

"If it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be," says Anna, while Oscar is concerned about regulation and labelling:

"It would also be more difficult to know what you are drinking because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

The New Street wine shop has been taken over by the wine festival. They sell wines from all over the world but today they are holding a tasting featuring wines from Ribera del Duero in northern Spain.

Most wine drinkers know about the region of Rioja, but Bettina Lemm is informing these festival goers about the region she represents.

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero but I think that we're still establishing ourselves."

But if the UK is an important export market, is Brexit going to throw the proverbial spanner into the works? Lemm doesn't seem too worried "I think at the moment we're pretty confident as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment," she says.

Wine used to have a rather old fashioned reputation and a comparatively elderly demographic, but this has changed enormously in recent years.

The prevalence of wine clubs popping up in the UK is an indicator of wine's increasing popularity.

Tom Harrow of Honest Grapes explains why this is "I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people," he says.

With 125 venues across the metropolis taking part in this festival, there's plenty of opportunity to enjoy it with friends.

But with such enthusiasm for wine spreading across the country, June 23 could bring disruption, according to Harrow "It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up" .

However, the future might be bright in other, unexpected ways.

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least," says Harrow, and with apologies to climate change icon Al Gore, he adds that "global warming is a good thing for the UK sparkling wine trade."

Reports by the WSTA (Wine and Spirit Trade Association) suggest there is still some way to go as the UK comes in at number six on the list of sales of sparkling wine by origin - but it's rising year on year.

600 million bottles of wine are bottled in the UK.

This makes the UK wine market the sixth largest in the world, generating 173 billion British pounds of economic activity, according to the WSTA. 10 billion British pounds are made through sales.

Also being showcased here is one of the new kids on the alcohol block, Regal Rogue Vermouth.

According to brand founder Mark Ward, vermouth, by definition, is 75 percent wine. It must have wormwood and it must have an ABV (alcohol by volume) of 15 to 24 percent. These three things have to be in place for a producer to put vermouth on the bottle or it flouts recent EU regulations.

Ward, who was brought up in hospitality, began the project in Australia where he worked closely with top Australian chefs who introduced him to indigenous herbs and spices.

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort." he says.

Ward is attempting to educate the wine drinking market which, he believes, is mostly unaware of the fact that vermouth is fundamentally a wine.

This can only be helped by a new pop up for 2016, the Vermouth Bar.

The parent company of London Wine Week is the aptly named "Drink Up London", and they're already preparing for the 2017 event - Brexit or no Brexit.

LEAD IN:

UK wine industry experts are eyeing the upcoming vote on whether to leave the European Union with mixed feelings.

With producers and suppliers heavily reliant on pan-European trade, many remain unsure how Brexit will impact upon business.

STORY-LINE:

Sparkling wine on a summer's day in the English capital.

Glistening flutes and bottles in abundance, and a crowd of happy lunchtime drinkers add to the atmosphere of excitement and discovery, along with an impromptu game of ping pong.

It must be London Wine Week.

This is the third year of the festival, and this year is the most popular to date.

Festival director Emma Murphy says "It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved" .

But although these flutes of fizz are English sparkling wine, much of the wine the festival goers here are tasting is from EU member states such as France, Spain, Portugal, Italy and Germany.

The June 23 referendum on whether to quit the European Union is fast approaching. So is this something the industry should fear?

"I wouldn't have said so," says Murphy.

"Wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

At the festival hub on London's Devonshire Square, there are pop-up bars featuring wines from across Europe.

These two young graduate trainees are enjoying wines from Portugal, and with their festival wristband, it costs them just five British Pounds for a flight of three.

Oscar Stenbom and Anna Rogers both agree that things may well be different if Britain leaves the union.

"If it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be," says Anna, while Oscar is concerned about regulation and labelling:

"It would also be more difficult to know what you are drinking because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

The New Street wine shop has been taken over by the wine festival. They sell wines from all over the world but today they are holding a tasting featuring wines from Ribera del Duero in northern Spain.

Most wine drinkers know about the region of Rioja, but Bettina Lemm is informing these festival goers about the region she represents.

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero but I think that we're still establishing ourselves."

But if the UK is an important export market, is Brexit going to throw the proverbial spanner into the works? Lemm doesn't seem too worried "I think at the moment we're pretty confident as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment," she says.

Wine used to have a rather old fashioned reputation and a comparatively elderly demographic, but this has changed enormously in recent years.

The prevalence of wine clubs popping up in the UK is an indicator of wine's increasing popularity.

Tom Harrow of Honest Grapes explains why this is "I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people," he says.

With 125 venues across the metropolis taking part in this festival, there's plenty of opportunity to enjoy it with friends.

But with such enthusiasm for wine spreading across the country, June 23 could bring disruption, according to Harrow "It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up" .

However, the future might be bright in other, unexpected ways.

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least," says Harrow, and with apologies to climate change icon Al Gore, he adds that "global warming is a good thing for the UK sparkling wine trade."

Reports by the WSTA (Wine and Spirit Trade Association) suggest there is still some way to go as the UK comes in at number six on the list of sales of sparkling wine by origin - but it's rising year on year.

600 million bottles of wine are bottled in the UK.

This makes the UK wine market the sixth largest in the world, generating 173 billion British pounds of economic activity, according to the WSTA. 10 billion British pounds are made through sales.

Also being showcased here is one of the new kids on the alcohol block, Regal Rogue Vermouth.

According to brand founder Mark Ward, vermouth, by definition, is 75 percent wine. It must have wormwood and it must have an ABV (alcohol by volume) of 15 to 24 percent. These three things have to be in place for a producer to put vermouth on the bottle or it flouts recent EU regulations.

Ward, who was brought up in hospitality, began the project in Australia where he worked closely with top Australian chefs who introduced him to indigenous herbs and spices.

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort." he says.

Ward is attempting to educate the wine drinking market which, he believes, is mostly unaware of the fact that vermouth is fundamentally a wine.

This can only be helped by a new pop up for 2016, the Vermouth Bar.

The parent company of London Wine Week is the aptly named "Drink Up London", and they're already preparing for the 2017 event - Brexit or no Brexit.

AP Television

London - 27 May 2016

1. Close of wine glasses

2. Bartender pouring sparkling wine

3. Tilt down on central courtyard at Devonshire Square, the hub for London Wine Week

4. Group of friends enjoying English sparkling wine

5. Men playing table tennis

6. Sign reading (English) "London Wine Week"

7. Set up shot of Emma Murphy, director of London Wine Week

8. SOUNDBITE (English) Emma Murphy, director of London Wine Week

"What's unique about it? It's the largest self-guided wine tasting that there is across London. It's kind of the only event of its kind that we have over here. So we work with 125 bars, restaurants, independent merchants who all get involved whether that's with offers, special menus or ticketed events across the week."

9. Two women with wine flight selection

10. SOUNDBITE (English) Emma Murphy, director of London Wine Week

(Responding to the question Do you think a Brexit will affect the wine industry negatively?)

"I wouldn't have said so, because I mean, I think, you know, wine trade has been going for long enough, even long before the euro, so I wouldn't have thought that would make much difference to be honest with you. Hopefully not anyway."

11. Sign reading (English) "Pop into our pop up wine bars"

12. Various of Portuguese wine pop up

13. Mid of graduate trainees in insurance Oscar Stenpom and Anna Rogers

14. Flight of Portuguese wines

15. SOUNDBITE (English) Oscar Stenbom and Anna Rogers, Insurance Graduate Trainees:

(Responding to question Do you think a Brexit will mean it will be more difficult for people to access quality wine?)

Stenbom: "Yes,"

Rogers: "I guess so, I mean if it's more expensive for them to send the wine here, if there's more tariffs, then yeah I guess it would be."

Stenbom: "It would also be more difficult to know what you're drinking, because there won't be as many restrictions on labelling the wine based on where it's actually from and the grape it's actually come from."

16. Pull focus of Spanish wine labels

17. Vintage bottles of fortified wine

18. Side view of Spanish wine bottles

19. Set up shot of Bettina Lemm with wines from Ribera del Duero in northern Spain

20. SOUNDBITE (English) Bettina Lemm, Westbury Communications (which represents the Ribera del Duero region in the UK):

"I think they (wines of Ribera del Duero) are still an emerging market, especially in the UK. The UK is an important market for Ribera del Duero, it's the seventh-largest export market for Ribera del Duero, but I think that we're still establishing ourselves. A lot of people know some big names from the region, and we're just trying to bring attention to some other grape producers who might not yet have the same recognition."

21. Close of wine labels

22. SOUNDBITE (English) Bettina Lemm, Westbury Communications (who represent the Ribera del Duero region in the UK):

(Responding to the question are you worried about the possibility of a Brexit affecting your export market?)

"I think at the moment we're pretty confident, as we've seen year to year that exports have grown. I think that's going to continue and I don't think it's a worry that we have at the moment."

23. Pan from mediaeval knight sculpture to pop up courtyard

24. Mid of Provence wines pop up

25. Establisher shot of Tom Harrow, wine director of Honest Grapes Wine Club

26. Close of Harrow eyeing the wine

27. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"There's been a real rise in wine clubs in London and the UK generally of late, and I think this is because people want to engage more with what's in the bottle. It's not just liquid, they want to know the stories behind it, they want to meet the people involved. And there's the sociable aspect, you know wine is fundamentally something which we do with other people."

28. Mid of woman laughing over a glass of wine

29. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"It's fair to say that we're a bit concerned about the possibilities of Brexit, I think the rising price of the euro against the pound will have a serious effect on quality wine. At the moment more than 60 percent of wine that comes into the UK is shipped in massive great tankers and then bottled over here and that's not something we get involved with. But that becomes the only affordable way if the pound plummets against the euro. So I think that it won't be a good thing initially for the wine consumer because the prices of these small artisan wines will go up."

30. Woman at table with wine

31. SOUNDBITE (English) Tom Harrow, wine director of Honest Grapes:

"All the English wine makers that I speak to say we are half a degree away from being a perfect climate for sparkling wines at least - and even the whites, and to an extent the reds are really coming up. So I have to say it - sorry Al Gore - global warming is a good thing for the UK sparkling wine trade."

32. Various of English rose and white sparkling wines

33. Vermouth being poured into a glass

34. Various of "Regal Rogue" Vermouth bottle

35. Tilt up of Mark Ward, founder of Regal Rogue vermouth, and his produce

36. SOUNDBITE (English) Mark Ward, founder of Regal Rogue vermouth:

"It seemed like a really obvious thing to do, marrying the herbs and spices with this abundance of Australian wine to create a New World style of vermouth. And you know the tradition of vermouth is really led by the European markets. You know, Italian, French, now Spanish - but now there are vermouths coming out of America, the UK, Germany and obviously Australia. So pretty much anywhere where you find wine now, you will find a vermouth of some sort."

37. Crowd of London Wine Week attendees at the Vermouth Bar

38. Mid of vermouth cocktails being made

39. Focus pull of sign reading (English) "Drink Up"

LENGTH: 6:02

FOR CLEAN VERSION SEE STORY NUMBER: 4063805

LEAD IN:

The art and antique market in post-Brexit Britain is booming, according to London dealers.

A weak pound against the dollar and Euro is seeing American collectors in particular start to snap up bargains.

STORY-LINE:

The art and antiques market in the UK isn't just on target, it's positively booming post Brexit.

Dealers here at the Winter Art and Antiques Fair in Olympia say it's a great time to buy because of the weak pound.

American buyers in particular are attracted to London with the newfound strength of the dollar. Looking to bag a bargain they could save around 25-30 per cent compared to six months earlier.

Craig Carrington is an antique dealer with four decades of experience.

He sells many neo-classical antiques on his stand, but his showcase piece is this bust of a Roman goddess, thought to be designed by Frederic Auguste Bartholdi, the same man who designed the Statue of Liberty.

He says: "As an antique dealer I think a weak pound is very good news because we sell to international clients and if the dollar is strong, the euro is strong then it's very good news for somebody like me, absolutely."

Art dealers are reporting a similar trend.

Tanya Baxter runs a gallery specialising in contemporary pieces. She says since the day of the referendum result, announcing Britain would leave the EU, she's been very busy.

She says many see the art market as a safe investment in uncertain times.

"And with the devaluation of the pound as well as the fact that Brexit has kind of made a cautious and volatile financial market it (art and antiques) is a very, very safe place."

According to Baxter the single largest group of buyers is coming from the USA:

"Well they're so excited particularly American collectors who we are getting calls from saying 'So what have you? Because I want to spend x amount and will fly over to do so.'"

One of the American investors who has come to London to buy is David Ryder.

The retired lawyer, originally from Chicago, had just bought this painting by British artist Amy Pugh. He says it's such a good time to buy, with the strength of the dollar against the pound, that he will return next month to buy more art.

Ryder says: "England is where we have bought probably 90 per cent of the artwork that we have, and we have a lot in numerous houses. We find this is a good country for selection of different artists, both contemporary and old artists, particularly from the auction houses and this is a particularly good time so we're here now and we'll come back in December again to look at more art."

Art and antique dealers haven't just benefited from the dip in the value of the pound. Immediately after the result of Brexit was announced British buyers quickly began to buy art and antiques fearing the collapse in the value of the pound.

Art dealer Julian Hartnoll is calling this a 'double-boom' for the industry.

Hartnoll says: "There's this nice new phrase, the double-boom. It was the English buying immediately after Brexit because they wanted to get out of pounds and get into objects because they were fearing the pound would become valueless. And then the Americans, as the pound subsided, have overcome their fear of terrorism in England and have started to buy again, so for instance last night my only clients were Americans."

Antique jewellery dealers are also benefiting.

Iranian jeweller Morteza Mojarad runs the Persis jewellers off Bond Street in London.

He says: "I've seen a big improvement, to be honest, since Brexit and that's I think because of the exchange rate, dollar to pound and especially Euro to pounds."

But if the situation is good for British based dealers, spare a thought for European antique dealers trying to sell in Britain.

David Lafleur is an antique dealer based in Paris with his shop Gallerie Buter.

The strength of the Euro might be good for some of his compatriots, but when Lafleur sells in the UK he is finding the competition difficult.

However, despite these difficulties he says he will continue to exhibit his Oriental antiques in London because international buyers have been scared away from Paris.

"Because of the economic crisis, you know, the people were afraid because of the terrorists, because of the tax. A lot of things saw the people leave France. So for us, it's better to come here in London because the people are here, the people from other countries are here."

The Winter Art and Antiques Fair in Olympia returns for its 26th year.

Around 100 exhibitors are displaying art and antiques, most are displaying collectibles at the high-end of the market.

It is the only fair in the UK to work with the top two trade associations and there is a strict vetting process for all pieces on sale at the show. Each item must be checked by a team of experts before the fair opens.

The Winter Art and Antiques Fair Olympia runs 31 October - 6 November.

London, UK - 1 November 2016

1. Pull focus of bronze Japanese archer

2. Various of Meiji period Japanese bronze crow with glass eyes

3. Mid of men admiring antique chandelier

4. Various of Dutch walnut armoire from circa 1750 with carved figures (price £35,000/ USD 42,930)

5. Wide of woman reading catalogue

6. Low angle pan right of neo-classical copper bust of Roman goddess by Frederic Auguste Bartholdi (price £16,500/ USD 20,235)

7. Various of Craig Carrington looking at bust

8. SOUNDBITE: (English) Craig Carrington, antique dealer

"As an antique dealer I think a weak pound is very good news because we sell to international clients and if the dollar is strong, the euro is strong then it's very good news for somebody like me, absolutely."

9. Art dealer Tanya Baxter showing painting to visitor

10. Close tilt down of painting 'Paper Bride in Waiting' by Zeng Chuanxing (price £120,000/ USD 147,000)

11. SOUNDBITE: (English) Tanya Baxter, art dealer and gallery owner

"With the devaluation of the pound as well as the fact that Brexit has kind of made a cautious and volatile financial market (art and antiques) it's a very, very safe place."

12. Various cutaways of Tanya Baxter showing 'Paper Bride in Waiting'

13. SOUNDBITE: (English) Tanya Baxter, art dealer and gallery owner

"Well they're so excited particularly American collectors who we are getting calls from saying 'So what have you? Because I want to spend x amount and will fly over to do so.'"

14. Various of art collector David Ryder looking at painting

15. SOUNDBITE: (English) David Ryder, retired lawyer and American art collector

"England is where we have bought probably 90 per cent of the artwork that we have, and we have a lot in numerous houses. We find this is a good country for selection of different artists, both contemporary and old artists, particularly from the auction houses and this is a particularly good time so we're here now and we'll come back in December again to look at more art."

16. Mid of portrait of Angelina Jolie by artist Bambi (price £14,000/ USD 17,000)

17. Tilt up of portrait of Amy Winehouse by artist Bambi (price £16,000/ USD 19,600)

18. Set up shot of art dealer Julian Hartnoll

19. SOUNDBITE: (English) Julian Hartnoll, art dealer and gallery owner

"There's this nice new phrase, the double-boom. It was the English buying immediately after Brexit because they wanted to get out of pounds and get into objects because they were fearing the pound would become valueless. And then the Americans, as the pound subsided, have overcome their fear of terrorism in England and have started to buy again, so for instance last night my only clients were Americans."

20. Various of jewellery seller Morteza Mojarad inspecting antique diamond ring

21. SOUNDBITE: (English) Morteza Mojarad, director of Persis antique jewellery

"I've seen a big improvement, to be honest, since Brexit and that's I think because of the exchange rate, dollar to pound and especially Euro to pounds."

22. Wide pan left of gallery showcasing large marble/ stone artworks

23. Close of 1930s Chinese coral sculpture

24. Various set up shots of David Lafleur, antique dealer based in Paris

25. SOUNDBITE: (English) David Lafleur, antique dealer based in Paris

"Because of the economic crisis, you know, the people were afraid because of the terrorists, because of the tax. A lot of things saw the people leave France. So for us, it's better to come here in London because the people are here, the people from other countries are here."

26. Tilt up of Italian silver and bronze library lamp in style of Pharaoh by Piel Paolo Spaina, circa 1810 (price £8,500/ USD 10,425)

27. Close of marble lioness circa 1780 (price £14,500 USD 17,700)

28. Wide of antique clock stand

29. Wide of grandfather clocks, tilt down

30. Close of Henry Jenkins mahogany table clock circa 1780 (price £75,000/ USD 92,000)

31. Various of woman opening clock and chiming its bells

32. Wide pan left of show floor

LEAD IN:

The art and antique market in post-Brexit Britain is booming, according to London dealers.

A weak pound against the dollar and Euro is seeing American collectors in particular start to snap up bargains.

STORY-LINE:

The art and antiques market in the UK isn't just on target, it's positively booming post Brexit.

Dealers here at the Winter Art and Antiques Fair in Olympia say it's a great time to buy because of the weak pound.

American buyers in particular are attracted to London with the newfound strength of the dollar. Looking to bag a bargain they could save around 25-30 per cent compared to six months earlier.

Craig Carrington is an antique dealer with four decades of experience.

He sells many neo-classical antiques on his stand, but his showcase piece is this bust of a Roman goddess, thought to be designed by Frederic Auguste Bartholdi, the same man who designed the Statue of Liberty.

He says: "As an antique dealer I think a weak pound is very good news because we sell to international clients and if the dollar is strong, the euro is strong then it's very good news for somebody like me, absolutely."

Art dealers are reporting a similar trend.

Tanya Baxter runs a gallery specialising in contemporary pieces. She says since the day of the referendum result, announcing Britain would leave the EU, she's been very busy.

She says many see the art market as a safe investment in uncertain times.

"And with the devaluation of the pound as well as the fact that Brexit has kind of made a cautious and volatile financial market it (art and antiques) is a very, very safe place."

According to Baxter the single largest group of buyers is coming from the USA:

"Well they're so excited particularly American collectors who we are getting calls from saying 'So what have you? Because I want to spend x amount and will fly over to do so.'"

One of the American investors who has come to London to buy is David Ryder.

The retired lawyer, originally from Chicago, had just bought this painting by British artist Amy Pugh. He says it's such a good time to buy, with the strength of the dollar against the pound, that he will return next month to buy more art.

Ryder says: "England is where we have bought probably 90 per cent of the artwork that we have, and we have a lot in numerous houses. We find this is a good country for selection of different artists, both contemporary and old artists, particularly from the auction houses and this is a particularly good time so we're here now and we'll come back in December again to look at more art."

Art and antique dealers haven't just benefited from the dip in the value of the pound. Immediately after the result of Brexit was announced British buyers quickly began to buy art and antiques fearing the collapse in the value of the pound.

Art dealer Julian Hartnoll is calling this a 'double-boom' for the industry.

Hartnoll says: "There's this nice new phrase, the double-boom. It was the English buying immediately after Brexit because they wanted to get out of pounds and get into objects because they were fearing the pound would become valueless. And then the Americans, as the pound subsided, have overcome their fear of terrorism in England and have started to buy again, so for instance last night my only clients were Americans."

Antique jewellery dealers are also benefiting.

Iranian jeweller Morteza Mojarad runs the Persis jewellers off Bond Street in London.

He says: "I've seen a big improvement, to be honest, since Brexit and that's I think because of the exchange rate, dollar to pound and especially Euro to pounds."

But if the situation is good for British based dealers, spare a thought for European antique dealers trying to sell in Britain.

David Lafleur is an antique dealer based in Paris with his shop Gallerie Buter.

The strength of the Euro might be good for some of his compatriots, but when Lafleur sells in the UK he is finding the competition difficult.

However, despite these difficulties he says he will continue to exhibit his Oriental antiques in London because international buyers have been scared away from Paris.

"Because of the economic crisis, you know, the people were afraid because of the terrorists, because of the tax. A lot of things saw the people leave France. So for us, it's better to come here in London because the people are here, the people from other countries are here."

The Winter Art and Antiques Fair in Olympia returns for its 26th year.

Around 100 exhibitors are displaying art and antiques, most are displaying collectibles at the high-end of the market.

It is the only fair in the UK to work with the top two trade associations and there is a strict vetting process for all pieces on sale at the show. Each item must be checked by a team of experts before the fair opens.

The Winter Art and Antiques Fair Olympia runs 31 October - 6 November.

London, UK - 1 November 2016

1. Pull focus of bronze Japanese archer

2. Various of Meiji period Japanese bronze crow with glass eyes

3. Mid of men admiring antique chandelier

4. Various of Dutch walnut armoire from circa 1750 with carved figures (price £35,000/ USD 42,930)

5. Wide of woman reading catalogue

6. Low angle pan right of neo-classical copper bust of Roman goddess by Frederic Auguste Bartholdi (price £16,500/ USD 20,235)

7. Various of Craig Carrington looking at bust

8. SOUNDBITE: (English) Craig Carrington, antique dealer

"As an antique dealer I think a weak pound is very good news because we sell to international clients and if the dollar is strong, the euro is strong then it's very good news for somebody like me, absolutely."

9. Art dealer Tanya Baxter showing painting to visitor

10. Close tilt down of painting 'Paper Bride in Waiting' by Zeng Chuanxing (price £120,000/ USD 147,000)

11. SOUNDBITE: (English) Tanya Baxter, art dealer and gallery owner

"With the devaluation of the pound as well as the fact that Brexit has kind of made a cautious and volatile financial market (art and antiques) it's a very, very safe place."

12. Various cutaways of Tanya Baxter showing 'Paper Bride in Waiting'

13. SOUNDBITE: (English) Tanya Baxter, art dealer and gallery owner

"Well they're so excited particularly American collectors who we are getting calls from saying 'So what have you? Because I want to spend x amount and will fly over to do so.'"

14. Various of art collector David Ryder looking at painting

15. SOUNDBITE: (English) David Ryder, retired lawyer and American art collector

"England is where we have bought probably 90 per cent of the artwork that we have, and we have a lot in numerous houses. We find this is a good country for selection of different artists, both contemporary and old artists, particularly from the auction houses and this is a particularly good time so we're here now and we'll come back in December again to look at more art."

16. Mid of portrait of Angelina Jolie by artist Bambi (price £14,000/ USD 17,000)

17. Tilt up of portrait of Amy Winehouse by artist Bambi (price £16,000/ USD 19,600)

18. Set up shot of art dealer Julian Hartnoll

19. SOUNDBITE: (English) Julian Hartnoll, art dealer and gallery owner

"There's this nice new phrase, the double-boom. It was the English buying immediately after Brexit because they wanted to get out of pounds and get into objects because they were fearing the pound would become valueless. And then the Americans, as the pound subsided, have overcome their fear of terrorism in England and have started to buy again, so for instance last night my only clients were Americans."

20. Various of jewellery seller Morteza Mojarad inspecting antique diamond ring

21. SOUNDBITE: (English) Morteza Mojarad, director of Persis antique jewellery

"I've seen a big improvement, to be honest, since Brexit and that's I think because of the exchange rate, dollar to pound and especially Euro to pounds."

22. Wide pan left of gallery showcasing large marble/ stone artworks

23. Close of 1930s Chinese coral sculpture

24. Various set up shots of David Lafleur, antique dealer based in Paris

25. SOUNDBITE: (English) David Lafleur, antique dealer based in Paris

"Because of the economic crisis, you know, the people were afraid because of the terrorists, because of the tax. A lot of things saw the people leave France. So for us, it's better to come here in London because the people are here, the people from other countries are here."

26. Tilt up of Italian silver and bronze library lamp in style of Pharaoh by Piel Paolo Spaina, circa 1810 (price £8,500/ USD 10,425)

27. Close of marble lioness circa 1780 (price £14,500 USD 17,700)

28. Wide of antique clock stand

29. Wide of grandfather clocks, tilt down

30. Close of Henry Jenkins mahogany table clock circa 1780 (price £75,000/ USD 92,000)

31. Various of woman opening clock and chiming its bells

32. Wide pan left of show floor

The pound has dropped to a 31-year low as investors fret over the British government's suggestion it will focus on controlling immigration in its talks to leave the European Union.

Sterling dropped to below 1.28 US dollars on Tuesday, days after British Prime Minister Theresa May clarified the timeframe for Britain's exit from the bloc, saying she will trigger two years of formal exit talks before April.

But members of her governing Conservative Party are wrestling over control of the steering wheel that will take Britain toward either a looser but still intertwined relationship with the bloc, or a dramatic "hard Brexit" with unknown consequences.

Hard-core Brexiteers believe regaining control - over financial rules, business regulations and especially over immigration - is more important than remaining in the EU's single market or customs union.

The EU insists Britain cannot choose to benefit from access to the single market without also keeping open its borders to EU citizens.

Markets analyst Michael Hewson said the tone of May's remarks suggested Britain could be veering towards a "hard Brexit" and markets reacted over the "perception that could cause a significant amount of disruption."

Hewson said there was scope for further Sterling weakness, especially against the US dollar with the potential for the Federal Reserve to raise interest rates by December.

London - 4 October 2016

1. Entrance of CMC Market in the City of London

2. Various of screens showing live currency and stocks exchanges

3. Various of analyst Michael Hewson talking to a colleague then walking by

4. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"Theresa May, UK Prime Minister, basically told the markets that she intended to trigger article 50 of the Lisbon treaty by the end of Q1 2017 and that wasn't really a surprise. I think what was the surprise was the tone of her remarks. The tone of her remarks suggested she really wanted to take control of immigration and that has led markets to join the dots and essentially speculate on the fact that she could be looking for what is termed a hard Brexit, i.e. a pull out from the single market. And I think there's a perception that could cause a significant amount of disruption."

5. Cutaways of Hewson

6. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"I certainly think there's scope for further sterling (pound) weakness particularly against the dollar because there's an awful lot of speculations and the Federal Reserve may well raise interest rate in December so from that point of view the Federal Reserve is potentially on a hiking cycle so that could pressure the pound. Against the euro yes we could see potentially a little bit more weakness but Europe has problems all of its own, particularly in the banking sector. So I think the downside for Sterling against the euro could be far more limited than it is say against the US dollar."

7. Various of people working in the office

The pound continued to drop on Tuesday, falling another another 0.9 percent to 1.2250 US dollars.

A report in The Times newspaper on Tuesday, citing leaked papers from the Treasury department, said a so-called "hard Brexit" could lead to government tax revenues collapsing by 66 billion pounds (81 billion US dollars) a year and that the country's GDP could be 9.5 percent smaller if Britain leaves the single market and operates under standard World Trade Organisation rules.

The report helped put further pressure on the pound.

Add the uncertainty related to the Brexit negotiations and the Bank of England's policies, which could see interest rates cut further, and the outlook remains bleak for the pound.

While the pound's slide against the dollar has captured most of the headlines, especially last Friday when it plunged about 6 percent at one point to a new 31-year low of 1.1789 US dollars, the currency is posting equally dramatic declines against the euro, which is used by 19 EU countries.

One euro is now worth 0.90 pounds compared with around 0.76 pounds just prior to it becoming clear that Britain had voted for Brexit.

The irony of the pound's dramatic fall is that it will help British businesses secure their market share in the EU's single market, of which Britain is still a member until at least 2019, by making their goods more competitive.

Britain's top stock market index, the FTSE 100, struck a record high on Tuesday amid hopes that many of its constituent companies will benefit from the pound's slide.

Meanwhile Russia's state-owned VTB Bank is reportedly making plans to move a major investment banking hub out of London due to Britain's decision to leave the European Union.

VTB deputy president Herbert Moos told the Financial Times newspaper that London will cease to be VTB's European investment banking hub, saying "we did have bigger plans for the London office, but after Brexit we are scaling them down and building them up elsewhere."

The newspaper quoted Moos as saying that possible replacement locations include Frankfurt, Paris and Vienna, while some presence in London will be retained.

VTB's Moscow headquarters said in a statement that the "transfer or retention of the presence in London will depend on the scenario which Brexit follows."

VTB is Russia's second-largest bank and is under US and EU sanctions.

London - 11 October 2016

1. Various of brokers at CMC Market trading floor in the City of London

2. Various of screens showing live currency and stocks exchanges

3. Set up of Chief Market Analyst at CMC Markets, Michael Hewson, talking to a colleague

4. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"I think the concern is the speed of the decline. It did trade in a fairly tight rein of 1.30-1.35 (dollars to the pound). Since then the politics has got a little bit more problematic and I think that's what's driven the decline lower. Certainly since we've broken 1.30 the pace of the decline has accelerated somewhat. Obviously the difficult political situation is part of that. Other factors include a slightly stronger dollar and an anticipation of a US Fed rate rise, but certainly sentiment towards the pound is very bearish at the moment."

5. Cutaway GBP/USD electronic sign

6. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"I think it's still far to early to make any significant decisions about moving domicile or moving European headquarters. Brexit negotiations haven't even started yet. For VTB to move, that's a decision for them. Ultimately moving your domicile is very expensive so ultimately what any bank has to do, when it makes a decision like that, is to work out how much it's going to cost to move its staff, relative to the amount of money it can potentially save. There are still a whole host of matters that are completely unresolved."

7. CMC Market sign

8. Wide of street where VTB bank have their Europe headquarters

9. Mid of Russian and VTB bank flags

10. Pan down from Russian flag to VTB flag

11. Tilt up building to flags

12. VTB flag

The FTSE 100 was slightly up following the shock general election result on Friday morning, but the pound lost value against the both the dollar and euro.

The FSTE 100 was up 1.1 percent as markets opened and traders digested news that Theresa May's Conservatives have fallen short of an overall Commons majority.

London - 10 June 2017

1. Various of traders at IG

2. Various set ups of Chris Beauchamp, Chief Markets Analyst at IG Group

3. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"We certainly saw quite a reaction overnight once the exit poll came out and as the result has come through it's proven the exit poll to be correct with the pound dropping sharply against the dollar and the Euro. The FTSE 100 is slightly weaker overnight but it is actually rising in the wake of the open, basically when you see the currency weaken you see the FTSE 100 go up so it's a replay in miniature with what we had with the Brexit vote. I think it's the market worrying about the outlook for a hung parliament and clearly the Brexit negotiations which begin in 11 days but also those FTSE 100 companies now look a bit cheaper in dollar terms than they did just a few hours ago."

4. Cutaway

5. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"In the way the thinking runs is actually you might get much less of a hard Brexit in fact it might be the most modest of soft Brexits really with the UK looking to stay within the framework of the European Union with the single market, free movement of people sort of associate membership. It really has changed the terms of the negotiations at this point and does weaken the prime minister's hand to some extent but if it means UK's integration remains fairly high with the rest of Europe then the market's fairly happy with that."

6. Cutaway

7. SOUNDBITE (English) Chris Beauchamp, Chief Markets Analyst at IG group:

"Well it's certainly a matter of what happens over the next few weeks. If you look back to 2010 sterling dropped on the day and then continued to decline afterwards in the weeks after a hung parliament, that's because the negotiations dragged on a bit and it doesn't look like that will happen this time around so you might see the pound recovering a bit more ground as the day goes on."

8. Trading floor

A market analyst told The Associated Press on Wednesday that the market reaction to the election of Donald Trump to US president has been more orderly than when Britain voted to leave the European Union in June.

London - 9 November 2016

1. Wide of the entrance of CMC Markets in the City of London

2. Various of Michael Hewson, Chief Market Analyst at CMC Markets at his desk, talking to a colleague

3. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"The initial reaction overnight was what you would expect, it was very similar to how Brexit played out: A very sharp fall in the markets, stock markets fell not an insignificant amount but they have rebounded somewhat. And I think what we have seen is the decline has been much more orderly than was the case in June when obviously there was a Brexit surprise. I think markets were caught a little off guard by Brexit, they haven't been caught as much off guard by this, because there was a concern that the pollsters might be wrong and it certainly proved to have been the case."

4. Various cutaways of Michael Hewson

5. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"Mr (Donald) Trump, some of his rhetoric has been, how shall we say, a little bit controversial. He is a unknown quantity, yes he is a businessman, but he's unpredictable and markets don't like unpredictability. Now, his acceptance speech was very emollient, it was very conciliatory and I think that has helped underpin markets."

6. Various of market boards

7. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"I think markets will remain very volatile, because ultimately I think this result if I could compare it to dropping a rock in a very large pound, it's gonna create an awful lot of ripples. Some sectors are going to do well, some probably not so well. Pharmaceutical stocks are doing well because I think there's a potential for Mr Trump to get rid of the Obamacare."

8. Various of the Euro versus USD

9. Close up on USD losing against the Japanese Yen

10. SOUNDBITE (English) Michael Hewson, Chief Market Analyst at CMC Markets:

"The dollar has sold off. It sold off a little bit. I think that's partially as a result of potentially the markets pricing out the prospect of a US rate rise. Also I think the political situation in the US I think is going to take a while for the markets to adjust to the fact that Mr Trump is the new president and that's why you are seeing gold prices rally quite sharply, they have come from their heights and I think that's why you've also seen the Yen and the Euro make gains as well."

11. Various of CMC Markets office

UK pound sterling gained against the US dollar and the euro on Thursday morning, following the vote in the UK parliament to take a 'no deal' Brexit scenario off the table.

Michael Baker, a financial Analyst with ETX Capital, said that 'no deal' had been weighing heavily on the minds of investors and the rise in the value of sterling reflected their relief.

He added that investors now wanted an end to the uncertainty.

London - 14 March 2019

1. Set-up of Michael Baker, Financial Analyst at ETX Capital

2. Screen showing stock indexes

3. Close of Baker

4. SOUNDBITE (English) Michael Baker, Financial Analyst at ETX Capital:

"Well, we saw a degree of certainty last night with 'no deal' being taken off the table. Parliament once again has gone against government and decided that 'no deal' should not be an option. We've seen sterling naturally rally up as instability has now been taken out. We saw the pound go against the dollar, up to a nine-month high, against the euro up to twenty-month highs. Now it's kind of come off a little bit, now waiting for tonight's vote but generally quite a positive reaction with the hope now that it's (Article 50) going to be extended for a minimum of three months. Further options now looking to ratifiy a deal or possibly even more extreme efforts such as another referendum or a general election."

5. Analyst sitting at desk looking at multiple screens

6. Various of screens showing currency index

7. Wide of office

8. SOUNDBITE (English) Michael Baker, Financial Analyst with ETX Capital:

"It (no-deal scenario) has been weighing on it now for the last two or three years. It would be a leap into the unknown to leave without any sort of trade agreements and the fear of what could happen on the border between Ireland and Northern Ireland, so it's been weighing on it quite heavily, so what's why you've seen quite a reaction last night, it was a two percent move up against the dollar when the actual no deal was announced, so you can just see that investors who drive the pound were happy with that scenario."

9. Various of office, analysts looking at screens

10. SOUNDBITE (English) Michael Baker, Financial Analyst with ETX Capital:

"They (investors) are looking for a deal, they're looking for a stability, they're looking for all of this to be put behind us now. It's been going on for a long time now, as you speak to a lot of guys, a lot of businesses, it's kind of wearing thin on them as well. They want an outcome, they want a deal put in place so we don't have this limbo because investment is drying up. It's been tough, it's been tough for them and they want the best outcome now."

11. Wide of office block