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

LEAD IN:

For decades Britain's discontent over its European Union (EU) membership has simmered on, but then came the June referendum.

Nationalism surfaced and Britain's voted to leave the EU.

Brexit as it became known sent shockwaves through money markets and governments around the world.

STORY-LINE:

In the weeks running up to referendum judgement day, the British were busy with a little soul searching.

Mulling over their shared history, the country's pride in their democracy and heritage.

It was a year when Queen Elizabeth celebrated being the longest reigning UK monarch and the country celebrated her ninetieth birthday.

The pomp and ceremony from her recent jubilee were still a source of pride and were reminiscent of the heydays when London style was considered to be world leading.

In the 1960's British fashion and British pop were riding high.

That sense of being at the vanguard of style has continued, according to Robert Johnston the Fashion Director of GQ Magazine: "You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

Author Iain Aitch explained how a variety of heritages were now mixed up, making Britishness a more complex idea to communicate: "Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

But it wasn't this hipster, Brick Lane art and curry house side of Britain that won the vote.

The referendum on June 23rd was to signal the start of a long debate.

Britons for the first time had to absorb what being outside of the EU looked like.

Britain joined what was then called the European Economic Community in January 1973.

This was ratified by a referendum in 1975 with a resounding 67% majority.

By the seventies, Britain was beset by strikes and disgruntled union workers.

Traditional industries such as manufacturing and coal were in decline in the mid seventies.

Unemployment exceeded one million for the first time in March 1975. By the August that figure had increased to 1.25 million.

Some 83,000 immigrants were living in the UK by 1975, mostly from the Commonwealth.

According to Migration Watch UK for the year ending December 2015, net migration to the UK was 333,000.

And the lady had yet to turn. Margaret Thatcher MP (then leader of the opposition) campaigned to stay in the European Economic Community.

Later as prime minister between 1979 and 1990, Thatcher was known for her tough line with Brussels, especially during negotiations for the Maastrict Treaty in 1992.

The city of Maastrict is the home of the treaty which created the EU.

As summer arrived, businesses, leading universities and research establishments were beginning to assess the impact of Brexit.

For science and medicine, concerns were two fold.

Britain had attracted thousands of top researchers as well as billions of Euros in grants.

They went into research like this at Kings College London.

This project is a multidisciplinary look at the potential causes and effects of autism. It's a long term project which is linked to other studies across Europe.

Doctors and scientists aren't worried about losing cash in the short term, but falling behind in the knowledge race in the long term, especially as Britain has sought to place itself as a central base for the new industrial technologies.

The other fear is losing the brains which have been drawn to British research, people who now fear they will need to move to other institutions to keep up with the cash and the research.

Lead scientist at King's College Professor Declan Murphy warned: "Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre from one country."

The EU's Horizon 2020 budget is 80-billion Euro which funds medicine and science research across Europe.

Britain's split from the EU will leave a funding gap as well as a brain drain, according to Murphy. He argues it will be the children with autism like Van Velzen who will lose out.

As an island nation, boat building and sales have been important to the UK.

The industry fears rough waters may be ahead for Britain's luxury yacht industry, but right now it's riding on a wave caused by the plunge in the pound's value.

Phil Popham, the CEO of Sunseeker International was cautious: "We've benefited because of the weakness of the pound, but its all about business confidence."

Others like Russell Currie, the Managing Director of Fairline Yachts, says he already had cause to worry: "We've had an overnight decrease in the price of our boats in areas such as the European market."

British Marine's chief executive Howard Pridding tried to show more confidence in the course ahead: "Obviously, industry and business need stability and the time it will take to exit from the European Union will be problematic."

An estimated 1.2 million Britons live in other EU countries, mostly France, Portugal and Spain according to Britain's House of Commons library.

But that's a conservative figure because many expats don't bother registering with their embassies or the local authorities.

At Mijas on Spain's Costa del Sol, many Brits don't want to return to Blighty.

Used to the sun, sea and cafe society, some British residents are so concerned that their lives on the Costas are threatened, that after many years they're finally learning to speak Spanish.

According to Mijas' Mayor Juan Carlos Maldonado: "When the results of the Brexit (referendum) were known, a big uncertainty was created."

Local traders are also keen to keep the British on the Costa.

Many are retired and spend their pensions here.

Bar owner Sergio Morales says: "Most of our clients here, around 80% of them, are British."

A cloud of uncertainty still hangs over British expats in Spain and elsewhere in Europe.

And it's possible a string of similar nationality schools for expats may spring up.

Not everyone was bemoaning the onset of Brexit.

The art and antique market experienced a mini boom according to London dealers at this winter fair.

The weak pound against the dollar and Euro has seen American collectors in particular start to snap up bargains with savings of beween 25 and 30 per cent compared with six months ago.

Art dealers are reporting a similar trend.

They say investors see the arts market as a safe refuge in uncertain times.

As Christmas approaches the toy industry is bracing itself and Santa is wondering whether he'll have much to be jolly about.

It's the time of year when manufacturers and retailers count on making their biggest cash bonus of the year.

According to industry analyst Frederique Tutt: "Since the Brexit vote the toy market has been faring really well with an increase of three percent."

That's because toy retailers buy stock almost a year in advance and can keep prices stable, but the toy dealers here admit next year the stockings left out for Father Chrismas may have shrunk considerably.

There's nothing as Christmassy as a Christmas tree, but in Denmark the outlook for tree producers isn't quite so evergreen.

According to the Danish Christmas Tree Association, the small Scandinavian country grows around 11.5 million trees a year.

About 9.5 million of those are exported.

But these are challenging times and currency fluctuations are having an effect on trade.

Speaking about his members, Claus Jerram Christensen of the Danish Christmas Tree Association says: "They have experienced that the low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

The true impact of Brexit on Britain and Europe as a whole is still to an extent unknown.

The UK government had announced it was to trigger Article 50 next March to start negotiations to leave EU.

But since then, Brexit has twice been contested in the High Court.

One ruling has already stated Britain's law makers should be allowed a vote in Parliament beforehand.

Breaking up, it seems, really is hard to do.

AP Television

London, UK - 22 February 2016

1. Wide of UK Houses of Parliament as London bus passes

2. Close of clock face at the top of Elizabeth Tower, which houses Big Ben

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

5. Queen Elizabeth II with Prince Philip (centre), Charles (left) and Camilla (right) on royal barge during Diamond Jubilee celebrations

6. Mid of Duke and Duchess of Cambridge and Prince Harry on royal barge

7. Pull out of royal barge sailing down River Thames during Diamond Jubilee celebrations

AP Television

London, UK - 11 June, 2016

8. Mid of Queen Elizabeth II in carriage during the Trooping of the Colour for her 90th birthday celebrations

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

10. Close tilt down of man putting shirt in carrier bag

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

13. SOUNDBITE (English) Robert Johnston, Fashion Director, GQ Magazine UK

"You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

16. Pull focus of street sign reading: (English) "Brick Lane E1"

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

"Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

20. Various of takeaway fish and chips being served

AP Television

London, United Kingdom, April 30, 1973 (MUTE)

++4:3++

21. Red buses on a London street

AP Television

London, United Kingdom, September 24, 1973 (MUTE)

++4:3++

22. Tilt down of Ford workers walking out of various plants

23. Wide of Ford cars on a train

24. Various men take part in industrial action at Ford plant

AP Television

United Kingdom, February 10, 1974 - no exact location available

++4:3++

25. Various of non functioning coal mines during national coal strike

AP Television

London, United Kingdom, June 3, 1975 (MUTE)

++4:3++

26. Mid of Margaret Thatcher wearing a flags-of-Europe sweater, flanked by women also wearing pro-Europe sweaters

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

27. Clocktower of Maastricht town hall with EU, Limburg and Maastricht flags

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

29. Various of autistic teenager Rens Van Velzen completing other puzzles with black and yellow blocks against the clock

30. Close tilt down of the psychologist on the autism study at Kings College London timing Rens Van Velzen during test

31. Close of Van Velzen

32. SOUNDBITE (English) Professor Declan Murphy lead scientist, EU Aims study on autism, Kings College London:

"Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre or from one country."

33. Various of Van Velzen being tested in eye tracking unit at Kings College London

AP Television

Southampton, UK - 16 September 2016

34. Wide of Southampton Boat Show 2016, cruise ship in background

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

38. SOUNDBITE (English) Phil Popham, CEO of Sunseeker International:

"We've benefited because of the weakness of the pound, but its all about business confidence."

39. Various of Fairline yacht

40. SOUNDBITE (English) Russell Currie, Managing Director of Fairline Yachts:

"We've had an overnight decrease in the price of our boats in areas such as the European market

41. Zoom out from cruise ship docked near boat show

42. SOUNDBITE (English) Howard Pridding, Chief Executive of British Marine:

"Industry and business need stability and the time it will take to exit from the European Union will be problematic"

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

44. Pan of typical apartments in the area and people walking by the sea side

45. Various of British pensioners taking Spanish classes in the Parnell School

46. Various of Juan Mayor Carlos Maldonado in his office

47. SOUNDBITE (Spanish) Juan Carlos Maldonado, Mayor of Mijas:

"When the results of the Brexit (referendum) were known, a big uncertainty was created."

48. Various of family walking near beach

49. Pan from people walking up steps from the beach to the owner of Royal Beach cafe talking

50. SOUNDBITE (Spanish) Sergio Morales, co-owner of Royal Beach bar in Mijas:

"Most of our clients here, around 80% of them, are British."

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

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

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

56. Mid of Tiana Wilson with Santa who is holding a Hatchimal waiting for the toy to hatch

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

59. Low mid view of caterpillar going past boys and Furbys

60. SOUNDBITE (English) Frederique Tutt, toy industry analyst, NPD:

"Since the Brexit vote the toy market has been faring really well with an increase of three percent."

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

63. SOUNDBITE (English) Claus Jerram Christensen, Managing Director of the Danish Christmas Tree Association:

"The low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

64. Mid of large container truck filled with trees pulling out of yard stacked with trees

65. Pan across field of Christmas tree saplings for 2018 and beyond

WORLD BREXIT REVIEW

SOURCE: AP HORIZONS, LIFESTYLE, HEALTH AND TECHNOLOGY / POOL

RESTRICTIONS: HORIZONS CLIENTS AND AP LIFESTYLE, HEALTH AND TECHNOLOGY CLIENTS ONLY

LENGTH: 6.44

SHOTLIST:

AP Television

London, UK - 22 February 2016

1. Wide of UK Houses of Parliament as London bus passes

2. Close of clock face at the top of Elizabeth Tower, which houses Big Ben

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

5. Queen Elizabeth II with Prince Philip (centre), Charles (left) and Camilla (right) on royal barge during Diamond Jubilee celebrations

6. Mid of Duke and Duchess of Cambridge and Prince Harry on royal barge

7. Pull out of royal barge sailing down River Thames during Diamond Jubilee celebrations

AP Television

London, UK - 11 June, 2016

8. Mid of Queen Elizabeth II in carriage during the Trooping of the Colour for her 90th birthday celebrations

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

10. Close tilt down of man putting shirt in carrier bag

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

13. SOUNDBITE (English) Robert Johnston, Fashion Director, GQ Magazine UK

"You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

16. Pull focus of street sign reading: (English) "Brick Lane E1"

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

"Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

20. Various of takeaway fish and chips being served

AP Television

London, United Kingdom, April 30, 1973 (MUTE)

++4:3++

21. Red buses on a London street

AP Television

London, United Kingdom, September 24, 1973 (MUTE)

++4:3++

22. Tilt down of Ford workers walking out of various plants

23. Wide of Ford cars on a train

24. Various men take part in industrial action at Ford plant

AP Television

United Kingdom, February 10, 1974 - no exact location available

++4:3++

25. Various of non functioning coal mines during national coal strike

AP Television

London, United Kingdom, June 3, 1975 (MUTE)

++4:3++

26. Mid of Margaret Thatcher wearing a flags-of-Europe sweater, flanked by women also wearing pro-Europe sweaters

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

27. Clocktower of Maastricht town hall with EU, Limburg and Maastricht flags

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

29. Various of autistic teenager Rens Van Velzen completing other puzzles with black and yellow blocks against the clock

30. Close tilt down of the psychologist on the autism study at Kings College London timing Rens Van Velzen during test

31. Close of Van Velzen

32. SOUNDBITE (English) Professor Declan Murphy lead scientist, EU Aims study on autism, Kings College London:

"Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre or from one country."

33. Various of Van Velzen being tested in eye tracking unit at Kings College London

AP Television

Southampton, UK - 16 September 2016

34. Wide of Southampton Boat Show 2016, cruise ship in background

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

38. SOUNDBITE (English) Phil Popham, CEO of Sunseeker International:

"We've benefited because of the weakness of the pound, but its all about business confidence."

39. Various of Fairline yacht

40. SOUNDBITE (English) Russell Currie, Managing Director of Fairline Yachts:

"We've had an overnight decrease in the price of our boats in areas such as the European market

41. Zoom out from cruise ship docked near boat show

42. SOUNDBITE (English) Howard Pridding, Chief Executive of British Marine:

"Industry and business need stability and the time it will take to exit from the European Union will be problematic"

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

44. Pan of typical apartments in the area and people walking by the sea side

45. Various of British pensioners taking Spanish classes in the Parnell School

46. Various of Juan Mayor Carlos Maldonado in his office

47. SOUNDBITE (Spanish) Juan Carlos Maldonado, Mayor of Mijas:

"When the results of the Brexit (referendum) were known, a big uncertainty was created."

48. Various of family walking near beach

49. Pan from people walking up steps from the beach to the owner of Royal Beach cafe talking

50. SOUNDBITE (Spanish) Sergio Morales, co-owner of Royal Beach bar in Mijas:

"Most of our clients here, around 80% of them, are British."

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

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

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

56. Mid of Tiana Wilson with Santa who is holding a Hatchimal waiting for the toy to hatch

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

59. Low mid view of caterpillar going past boys and Furbys

60. SOUNDBITE (English) Frederique Tutt, toy industry analyst, NPD:

"Since the Brexit vote the toy market has been faring really well with an increase of three percent."

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

63. SOUNDBITE (English) Claus Jerram Christensen, Managing Director of the Danish Christmas Tree Association:

"The low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

64. Mid of large container truck filled with trees pulling out of yard stacked with trees

65. Pan across field of Christmas tree saplings for 2018 and beyond

LEADIN:

For decades Britain's discontent over its European Union (EU) membership has simmered on, but then came the June referendum.

Nationalism surfaced and Britain's voted to leave the EU.

Brexit as it became known sent shockwaves through money markets and governments around the world.

STORYLINE:

In the weeks running up to referendum judgement day, the British were busy with a little soul searching.

Mulling over their shared history, the country's pride in their democracy and heritage.

It was a year when Queen Elizabeth celebrated being the longest reigning UK monarch and the country celebrated her ninetieth birthday.

The pomp and ceremony from her recent jubilee were still a source of pride and were reminiscent of the heydays when London style was considered to be world leading.

In the 1960's British fashion and British pop were riding high.

That sense of being at the vanguard of style has continued, according to Robert Johnston the Fashion Director of GQ Magazine: "You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

Author Iain Aitch explained how a variety of heritages were now mixed up, making Britishness a more complex idea to communicate: "Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

But it wasn't this hipster, Brick Lane art and curry house side of Britain that won the vote.

The referendum on June 23rd was to signal the start of a long debate.

Britons for the first time had to absorb what being outside of the EU looked like.

Britain joined what was then called the European Economic Community in January 1973.

This was ratified by a referendum in 1975 with a resounding 67% majority.

By the seventies, Britain was beset by strikes and disgruntled union workers.

Traditional industries such as manufacturing and coal were in decline in the mid seventies.

Unemployment exceeded one million for the first time in March 1975. By the August that figure had increased to 1.25 million.

Some 83,000 immigrants were living in the UK by 1975, mostly from the Commonwealth.

According to Migration Watch UK for the year ending December 2015, net migration to the UK was 333,000.

And the lady had yet to turn. Margaret Thatcher MP (then leader of the opposition) campaigned to stay in the European Economic Community.

Later as prime minister between 1979 and 1990, Thatcher was known for her tough line with Brussels, especially during negotiations for the Maastrict Treaty in 1992.

The city of Maastrict is the home of the treaty which created the EU.

As summer arrived, businesses, leading universities and research establishments were beginning to assess the impact of Brexit.

For science and medicine, concerns were two fold.

Britain had attracted thousands of top researchers as well as billions of Euros in grants.

They went into research like this at Kings College London.

This project is a multidisciplinary look at the potential causes and effects of autism. It's a long term project which is linked to other studies across Europe.

Doctors and scientists aren't worried about losing cash in the short term, but falling behind in the knowledge race in the long term, especially as Britain has sought to place itself as a central base for the new industrial technologies.

The other fear is losing the brains which have been drawn to British research, people who now fear they will need to move to other institutions to keep up with the cash and the research.

Lead scientist at King's College Professor Declan Murphy warned: "Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre from one country."

The EU's Horizon 2020 budget is 80-billion Euro which funds medicine and science research across Europe.

Britain's split from the EU will leave a funding gap as well as a brain drain, according to Murphy. He argues it will be the children with autism like Van Velzen who will lose out.

As an island nation, boat building and sales have been important to the UK.

The industry fears rough waters may be ahead for Britain's luxury yacht industry, but right now it's riding on a wave caused by the plunge in the pound's value.

Phil Popham, the CEO of Sunseeker International was cautious: "We've benefited because of the weakness of the pound, but its all about business confidence."

Others like Russell Currie, the Managing Director of Fairline Yachts, says he already had cause to worry: "We've had an overnight decrease in the price of our boats in areas such as the European market."

British Marine's chief executive Howard Pridding tried to show more confidence in the course ahead: "Obviously, industry and business need stability and the time it will take to exit from the European Union will be problematic."

An estimated 1.2 million Britons live in other EU countries, mostly France, Portugal and Spain according to Britain's House of Commons library.

But that's a conservative figure because many expats don't bother registering with their embassies or the local authorities.

At Mijas on Spain's Costa del Sol, many Brits don't want to return to Blighty.

Used to the sun, sea and cafe society, some British residents are so concerned that their lives on the Costas are threatened, that after many years they're finally learning to speak Spanish.

According to Mijas' Mayor Juan Carlos Maldonado: "When the results of the Brexit (referendum) were known, a big uncertainty was created."

Local traders are also keen to keep the British on the Costa.

Many are retired and spend their pensions here.

Bar owner Sergio Morales says: "Most of our clients here, around 80% of them, are British."

A cloud of uncertainty still hangs over British expats in Spain and elsewhere in Europe.

And it's possible a string of similar nationality schools for expats may spring up.

Not everyone was bemoaning the onset of Brexit.

The art and antique market experienced a mini boom according to London dealers at this winter fair.

The weak pound against the dollar and Euro has seen American collectors in particular start to snap up bargains with savings of beween 25 and 30 per cent compared with six months ago.

Art dealers are reporting a similar trend.

They say investors see the arts market as a safe refuge in uncertain times.

As Christmas approaches the toy industry is bracing itself and Santa is wondering whether he'll have much to be jolly about.

It's the time of year when manufacturers and retailers count on making their biggest cash bonus of the year.

According to industry analyst Frederique Tutt: "Since the Brexit vote the toy market has been faring really well with an increase of three percent."

That's because toy retailers buy stock almost a year in advance and can keep prices stable, but the toy dealers here admit next year the stockings left out for Father Chrismas may have shrunk considerably.

There's nothing as Christmassy as a Christmas tree, but in Denmark the outlook for tree producers isn't quite so evergreen.

According to the Danish Christmas Tree Association, the small Scandinavian country grows around 11.5 million trees a year.

About 9.5 million of those are exported.

But these are challenging times and currency fluctuations are having an effect on trade.

Speaking about his members, Claus Jerram Christensen of the Danish Christmas Tree Association says: "They have experienced that the low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

The true impact of Brexit on Britain and Europe as a whole is still to an extent unknown.

The UK government had announced it was to trigger Article 50 next March to start negotiations to leave EU.

But since then, Brexit has twice been contested in the High Court.

One ruling has already stated Britain's law makers should be allowed a vote in Parliament beforehand.

Breaking up, it seems, really is hard to do.

====

Clients are reminded:

(i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com.

(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service

(iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory.

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

Fears of "Brexit" are stark among the inhabitants of Blacklion in the Republic of Ireland and Belcoo in Northern Ireland, UK - two border villages that could be further separated if the United Kingdom opts to leave the European Union.

Only a gurgling stream separates the two villages, but Ireland's soft border could become a hard fact of life again if the United Kingdom leaves the European Union, the sovereignty-sharing bloc that has done much to blur the 95-year-old boundary.

Should a majority of British voters reject continued EU membership in the UK's June 23 referendum, Northern Ireland's nearly 500-kilometre (310-mile) frontier with the Irish Republic would become the only British land border with the 27-nation EU.

The closely intertwined residents of Belcoo in Northern Ireland and Blacklion barely 200 metres (218 yards) away in the republic would find themselves again in two diverging lands.

While some view that prospect as an opportunity, many more express dread at the thought.

Farmer Hugh Maguire, 60, whose Blacklion home rests barely inside the republic but whose nearby farm of sheep, cattle and hens lies in Northern Ireland, said he could not survive without EU subsidies.

Both communities are heavily dependent on EU funding. Agriculture is the top employer, and farms receive 329 euros (365 US dollars) per hectare of land from the EU's Single Farm Payment subsidy scheme in place since 2003, an annual payment exceeding 80,000 euros (90,000 US dollars) for Maguire's 241-hectare farm.

Few Northern Ireland farmers are confident that the British government, long a critic of EU farm subsidies, would maintain anything close to that level of state support.

Maguire estimates that EU payments provide two-thirds of his income while most of the rest requires open market access to livestock marts in the republic, where prices for spring lamb are stronger.

Behind the bar in 'Jack's Bar' in Belcoo in Northern Ireland, owner Paul Leonard and his son Stephen look likely to cancel each other's votes. The son favors staying in the EU, while the father is eyeing the exit.

Fears of "Brexit" are stark among the inhabitants of Blacklion in the Republic of Ireland and Belcoo in Northern Ireland, UK - two border villages that could be further separated if the United Kingdom opts to leave the European Union.

Only a gurgling stream separates the two villages, but Ireland's soft border could become a hard fact of life again if the United Kingdom leaves the European Union, the sovereignty-sharing bloc that has done much to blur the 95-year-old boundary.

Should a majority of British voters reject continued EU membership in the UK's June 23 referendum, Northern Ireland's nearly 500-kilometre (310-mile) frontier with the Irish Republic would become the only British land border with the 27-nation EU.

The closely intertwined residents of Belcoo in Northern Ireland and Blacklion barely 200 metres (218 yards) away in the republic would find themselves again in two diverging lands.

While some view that prospect as an opportunity, many more express dread at the thought.

Farmer Hugh Maguire, 60, whose Blacklion home rests barely inside the republic but whose nearby farm of sheep, cattle and hens lies in Northern Ireland, said he could not survive without EU subsidies.

Both communities are heavily dependent on EU funding. Agriculture is the top employer, and farms receive 329 euros (365 US dollars) per hectare of land from the EU's Single Farm Payment subsidy scheme in place since 2003, an annual payment exceeding 80,000 euros (90,000 US dollars) for Maguire's 241-hectare farm.

Few Northern Ireland farmers are confident that the British government, long a critic of EU farm subsidies, would maintain anything close to that level of state support.

Maguire estimates that EU payments provide two-thirds of his income while most of the rest requires open market access to livestock marts in the republic, where prices for spring lamb are stronger.

Behind the bar in 'Jack's Bar' in Belcoo in Northern Ireland, owner Paul Leonard and his son Stephen look likely to cancel each other's votes. The son favors staying in the EU, while the father is eyeing the exit.

AP TELEVISION

Blacklion, Republic of Ireland - 24 May 2016

1. Farmer Hugh Maguire with a calf and cows on pasture

2. Close of calf

3. Sheep running on pasture

4. Maguire, pointing to horizon UPSOUND (English): "Right around the borderline of the mountain, right the way on, you can see parts of Southern Ireland."

5. Sheep grazing

6. SOUNDBITE (English) Hugh Maguire, farmer:

"Probably 70 percent of my income is off it, 65 to 70 percent is from the EU (European Union). We couldn't survive only for the subsidies. There is no way we could survive, especially on this land that we're farming."

7. Maguire leaving farm through gate

AP TELEVISION

Belcoo, Northern Ireland, United Kingdom (UK) - 24 May 2016

8. Bridge leading from Belcoo, Northern Ireland (UK) to Blacklion, Republic of Ireland, with sign reading (English and Gaelic) "Welcome to County Cavan"

9. Close of sign reading (English and Gaelic) "Blacklion" with speed limit in kilometres per hour

10. Bridge connecting Belcoo, Northern Ireland (UK) and Blacklion, Republic of Ireland

AP TELEVISION

Blacklion, Republic of Ireland - 24 May 2016

11. Sign of "The Market House" tourist centre and gift shop

12. Tourist administrator Helena Corcoran talking to colleague in tourist centre

13. Leprechaun puppets for sale in tourist centre

14. SOUNDBITE (English) Helena Corcoran, tourist administrator and local resident:

"We've had so much tragedy and grief along the border area, that I just feel and hope that they will stay in. My fear is, I suppose, that this border will appear and will make everyday life difficult for everybody basically, because this is the main road from North to South, from Sligo, and we get a lot of traffic, a lot of tourists, and we've already suffered enough in this area, so we don't need to suffer anymore."

15. Mug for sale with images of Ireland and reading (English) "Greetings from Ireland"

AP TELEVISION

Blacklion, Republic of Ireland - 25 May 2016

16. Top shot of bridge connecting Blacklion, Republic of Ireland and Belcoo, Northern Ireland (UK)

17. SOUNDBITE (English) John Paul Feeley, Cavan County councilman:

"Europe, and the structural funding and the peace funding have been hugely important in terms of giving areas like this the leg-up that they need to reach or to get into step with the rest of the country and progress economically."

AP TELEVISION

Belcoo, Northern Ireland, United Kingdom (UK) - 25 May 2016

18. Sign reading (English) Belcoo, with speed limit in miles per hour

19. Bartender Stephen Leonard carrying board out of pub "Jack's Bar"

20. Stephen Leonard serving guests inside pub

21. SOUNDBITE (English) Stephen Leonard, bartender:

"Behind the bar you hear both sides of the story, and you hear now a lot of things like there'll be borders back up, the police will be back out stopping and just all stuff like that, and I've never witnessed it, and I wouldn't like to witness it from what you've heard years ago."

22. Stephen Leonard talking to his father Paul Leonard

23. SOUNDBITE (English) Paul Leonard, self-employed pub owner:

"It probably would possibly enhance the economy again, maybe we'd be freer to be able to do things without the regulation of Europe, you know, so it would. At the end of the day, before the UK market ever went down to the EU, they have always had a very strong economy, they were always well able to survive. They have an identity of their own."

24. Paul Leonard pouring beer and handing glass to his son UPSOUND (English): "Hey Stephen, that's for you."

25. Stephen Leonard drinking beer in pub

26. Pan from river to bridge between Blacklion, Republic of Ireland and Belcoo, Northern Ireland (UK)

When Britain decides this week whether to leave the European Union, London's voice may prove decisive. But for which side?

Britain's capital, home to almost nine million people, encompasses the most pro-EU place of the country, and the least.

In the cosmopolitan City financial district, where almost half a million people from around the globe work in Europe's biggest financial centre, pro-EU sentiment predominates.

But just a few miles away, the borough of Havering, stronghold of working-class East Enders, topped a national survey of the most anti-EU places in Britain.

The two districts represent the opposing views at the heart Britain's EU debate.

One sees the bloc’s free flow of people and money as a benefit. The other sees it as a threat.

Havering, a chunk of suburban Essex county absorbed into Greater London in 1965, is a workaday place of 20th-century houses and strips of shops on busy roads.

Many residents are Cockneys who moved out of London's East End in search of more space and quiet, or their children.

It's not the poorest part of London, nor the area with the most immigrants.

Havering is one of London's least ethnically diverse boroughs - 83 percent of people here identify themselves as "white British," compared to 45 percent in London as a whole.

Almost 90 percent of Havering residents were born in Britain, compared to 63 percent for all of London.

Like other local authorities, Havering Council has had its funding from central government slashed under austerity programmes aimed at reducing the national deficit.

"We've been told there is austerity, we must cut back," said Lawrence Webb, a Havering councillor for the anti-EU UK Independence Party.

While fishmonger David Crosbie, working on a drizzly morning in Havering's Romford street market, is an emphatic "leave" voter.

For Crosbie, the decision has a lot to do with borders, on land and sea.

He says he is tired of European fishermen trawling waters around Britain under the EU's Common Fisheries Policy.

"Remain" campaigners say government austerity is rooted in the 2008 financial crisis and in British politicians' choices, not the EU.

Nonetheless, migrants and the EU often take the blame in Havering, where many people say they do not see the benefits of immigration.

That view is less common in central London and not just in the financial district.

In multiethnic inner-city areas such as Camden and Islington, it's rare to spot a "leave" sign.

Immigration has become the most emotive issue of the campaign for Thursday’s referendum, stirring fears of instability among voters and drawing allegations of xenophobia from "remain" supporters.

The EU is built on the principle that citizens can live and work in any of the 28 member states.

Since the bloc expanded to include former Communist countries in eastern Europe more than a decade ago, hundreds of thousands of people have moved west to Britain and other, wealthier, EU nations.

The perception that EU migrants come to take jobs and, somewhat paradoxically, to live on welfare benefits, is driving "leave" sentiment in Havering and other Eurosceptic areas.

But 15 miles (24 kilometres) to the southwest in the historic heart of financial London, policy chief Mark Boleat argues that thousands of jobs, and London's standing as a financial centre, depend on the EU.

That view is backed by the Economist Intelligence Unit, which said last week that leaving the EU would endanger London's status as a global financial hub, "almost certainly depriving UK-based financial firms of their passport to conduct business anywhere in the EU."

When Britain decides this week whether to leave the European Union, London's voice may prove decisive. But for which side?

Britain's capital, home to almost nine million people, encompasses the most pro-EU place of the country, and the least.

In the cosmopolitan City financial district, where almost half a million people from around the globe work in Europe's biggest financial centre, pro-EU sentiment predominates.

But just a few miles away, the borough of Havering, stronghold of working-class East Enders, topped a national survey of the most anti-EU places in Britain.

The two districts represent the opposing views at the heart Britain's EU debate.

One sees the bloc’s free flow of people and money as a benefit. The other sees it as a threat.

Havering, a chunk of suburban Essex county absorbed into Greater London in 1965, is a workaday place of 20th-century houses and strips of shops on busy roads.

Many residents are Cockneys who moved out of London's East End in search of more space and quiet, or their children.

It's not the poorest part of London, nor the area with the most immigrants.

Havering is one of London's least ethnically diverse boroughs - 83 percent of people here identify themselves as "white British," compared to 45 percent in London as a whole.

Almost 90 percent of Havering residents were born in Britain, compared to 63 percent for all of London.

Like other local authorities, Havering Council has had its funding from central government slashed under austerity programmes aimed at reducing the national deficit.

"We've been told there is austerity, we must cut back," said Lawrence Webb, a Havering councillor for the anti-EU UK Independence Party.

While fishmonger David Crosbie, working on a drizzly morning in Havering's Romford street market, is an emphatic "leave" voter.

For Crosbie, the decision has a lot to do with borders, on land and sea.

He says he is tired of European fishermen trawling waters around Britain under the EU's Common Fisheries Policy.

"Remain" campaigners say government austerity is rooted in the 2008 financial crisis and in British politicians' choices, not the EU.

Nonetheless, migrants and the EU often take the blame in Havering, where many people say they do not see the benefits of immigration.

That view is less common in central London and not just in the financial district.

In multiethnic inner-city areas such as Camden and Islington, it's rare to spot a "leave" sign.

Immigration has become the most emotive issue of the campaign for Thursday’s referendum, stirring fears of instability among voters and drawing allegations of xenophobia from "remain" supporters.

The EU is built on the principle that citizens can live and work in any of the 28 member states.

Since the bloc expanded to include former Communist countries in eastern Europe more than a decade ago, hundreds of thousands of people have moved west to Britain and other, wealthier, EU nations.

The perception that EU migrants come to take jobs and, somewhat paradoxically, to live on welfare benefits, is driving "leave" sentiment in Havering and other Eurosceptic areas.

But 15 miles (24 kilometres) to the southwest in the historic heart of financial London, policy chief Mark Boleat argues that thousands of jobs, and London's standing as a financial centre, depend on the EU.

That view is backed by the Economist Intelligence Unit, which said last week that leaving the EU would endanger London's status as a global financial hub, "almost certainly depriving UK-based financial firms of their passport to conduct business anywhere in the EU."

Havering -1 June 2016

1. Wide of market, vote leave sign

2. Close of vote leave sign

3. Mid of market

4. England flag

5. Pan from town hall sign to Havering town hall, flags flying

6. SOUNDBITE (English) Lawrence Webb, UKIP Councillor:

"There are many, many reasons, not least of which is the cost to us as a council and a country of being members of the EU. But this referendum is about one single issue, and that is sovereignty. It's about who makes the laws that govern our lives although if you speak to ten different people you get ten different reasons why people may be voting out, but that in a nutshell is what it is about. It is about who makes those decisions over our lives."

7. Cutaway of flags flying over town hall

8. SOUNDBITE (English) Lawrence Webb, UKIP Councillor:

"We've been told there is austerity, we must cut back. The one budget, or two budgets that haven't been cut are our membership fee of the EU and foreign aid. Our view is that money should be spent here. So stop giving Brussels a single penny until we sort our own economy out."

9. Wide of market

10. Seafood at fishmonger stand at Havering market

11. SOUNDBITE (English) David Crosby, fishmonger:

"They want to stay in because it's beneficial to them. But that's not even one percent of the population. 90 odd percent of them don't earn like half a million pounds a year in bonuses and all this lark which they can tuck round the corner like in Liechtenstein, Panama, wherever. Normal people like have to go and work for a living and they want to earn their own money."

12. Keep calm and leave the EU sign

13. SOUNDBITE (English) Sukh Singh, works on family stall:

"They (Europeans) come here, and they don't work and they just claim benefits and also they don't give a chance to people who are born here, to English people."

14. SOUNDBITE (English) Jackie Duvall, market researcher:

"If immigration is so wonderful two and two isn't making four. They say they contribute towards the economy, I don't doubt it but and the end of the day, where is the money going? Where are all the extra taxes going? Is it going to hospitals? No. Education, the prison service? It's going nowhere. So, it's a con trick."

London - 17 June 2016

15. Pan of Bank of England

16. Set up of Mark Boleat, policy chairman at City of London Corporation

17. SOUNDBITE (English) Mark Boleat, policy chairman at City of London Corporation:

"The City of London's position is that Britain should remain a member of the European Union. We think the European Union has been good for the country generally, very good for financial services, many jobs depend on it, and we think that leaving the European Union will be taking a significant risk. The city would undoubtedly remain a very large international financial centre, but we think it would be smaller than it would be if Britain remained in."

18. Cutaway of Boleat talking

19. SOUNDBITE (English) Mark Boleat, policy chairman at City of London Corporation:

"You take investment banking, there are 100,000 jobs roughly in Europe, 90,000 of them in Britain. If Britain is not in the European Union, that ability would be lost. And secondly, is the free movement of labour. The City is very international. You hear almost any language conceivable in the streets of London. The big institutions have no hesitation in bringing in people from France, Germany and Spain, Italy, Romania, Bulgaria and similarly people move from Britain to those countries. If Britain was not in the European Union, that would not be so easy."

20. Pan down from Bank to Royal Exchange sign

21. Set up shot of Amy Wilson 27, Technology Consultant in the City

22. SOUNDBITE (English) Amy Wilson, Technology Consultant in the City:

"I'm strongly 'remain', I think probably most people I know are also strongly 'remain'. I don't know if it seems to me like it's a London thing, it seems more like a generational thing to me."

23. Cutaway of Royal Exchange

24. SOUNDBITE (English) Michael Patterson, restaurateur in the City:

"My view is we should remain and have another referendum in five years time when the situation will be much clearer and we will get a decisive result which will last for all time."

25. City workers eating lunch

26. SOUNDBITE (English) James Sylvester, works in IT services in the City:

"It's also the devil you know. It's better to be in and fight rather than to be out and fight. It's an easier way. Path of least resistance."

27. City workers on street

28. SOUNDBITE (English) Richard Wells, works part time as a Broker for Lloyds:

"It's very close for me, 51-49 in favour of Brexit, I have to say. I've done some studies on it. It's going to knock share prices, stock markets, the economy for a bit. I think it's more important as things go to try and get our country back a bit more. I think that's more important to me than it is the economic effect. But it's so close, it's really, really close."

29. Pan down of exchange

Germany's finance minister said on Wednesday that he didn't expect a "race to the bottom" on business taxes after Britain announced plans to cut its corporation tax rate.

Speaking at a press conference in Berlin, Wolfgang Schaeuble said Britain's move would have little influence on German policy.

British Treasury chief George Osborne said on Monday that he plans to cut UK corporation tax to below 15 percent to encourage investment and ease business concerns after voters chose to leave the European Union.

Some London-based businesses are considering leaving for other European cities to benefit from the large EU common market.

The British pound hit a new 31-year low against the US dollar on Wednesday, as worries reawakened about the economic repercussions of Britain's decision to leave the EU.

Schaeuble also stressed that it's up to Britain to decide what future relationship it wants with the EU.

Departing British Prime Minister David Cameron has left the decision to formally trigger EU exit talks to his successor, who will be elected by members of the governing Conservative Party in September.

Germany's finance minister said on Wednesday that he didn't expect a "race to the bottom" on business taxes after Britain announced plans to cut its corporation tax rate.

Speaking at a press conference in Berlin, Wolfgang Schaeuble said Britain's move would have little influence on German policy.

British Treasury chief George Osborne said on Monday that he plans to cut UK corporation tax to below 15 percent to encourage investment and ease business concerns after voters chose to leave the European Union.

Some London-based businesses are considering leaving for other European cities to benefit from the large EU common market.

The British pound hit a new 31-year low against the US dollar on Wednesday, as worries reawakened about the economic repercussions of Britain's decision to leave the EU.

Schaeuble also stressed that it's up to Britain to decide what future relationship it wants with the EU.

Departing British Prime Minister David Cameron has left the decision to formally trigger EU exit talks to his successor, who will be elected by members of the governing Conservative Party in September.

Berlin - 6 July 2016

1. Wide of German Finance Minister Wolfgang Schaeuble at press conference

2. Photographer

3. Journalist looking at press release

4. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"So now he (George Osborne) has announced (a cut in corporation tax), and we will meet next week at the ECOFIN. There we will surely hear explanations from him about that (the tax cut), at least I hope. But we have no intention in Europe of starting a race to the bottom, this makes no sense."

5. Journalist taking notes

6. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"We are not against tax competition, but we favour public budgets in all member countries being fairly and appropriately financed. That's why the British announcement has no effect on our tax policy considerations."

7. Camera

8. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"Honestly, I have to say I don't fully understand what those who conducted this campaign (to leave the European Union at the UK's referendum) imagined, because now they are all running away from what they caused in droves. That wasn't a very diplomatic comment, but one that came from the depth of my soul."

9. Wide of presser

10. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"There are other countries which also have a relationship with the European Union, and with the single market - Norway, Switzerland. But one thing is clear. Membership of the single market means of course to accept the basic freedoms of Europe (European Union). That's what Switzerland had to painfully acknowledge with a referendum, but it carried it out. And furthermore you also have to participate in the funding. If now the supporters of Brexit, who lead this campaign, meant that they had wanted Great Britain to take the status of Switzerland in its relationship with the European Union, you need to put this to those who are still around, those who lead this campaign. I cannot answer this."

11. Wide of Schaeuble shaking hand of moderator

12. Schauble leaving press conference

European markets were volatile on Monday in the wake of the UK voting to leave the European Union in a referendum last week.

Markets in Frankfurt lost with Germany's main DAX index closing near a day-low, down 3.02 percent.

Market analysts at the Frankfurt stock exchange said on Monday that 'Brexit' and the questions over its implementation were causing significant fears among traders and investors, with one saying that if anything "worries are increasing and not decreasing".

European markets were volatile on Monday in the wake of the UK voting to leave the European Union in a referendum last week.

Markets in Frankfurt lost with Germany's main DAX index closing near a day-low, down 3.02 percent.

Market analysts at the Frankfurt stock exchange said on Monday that 'Brexit' and the questions over its implementation were causing significant fears among traders and investors, with one saying that if anything "worries are increasing and not decreasing".

Frankfurt - 27 June 2016

1. German DAX index board showing losses

2. Various Frankfurt Stock exchange trading floor

3 . SOUNDBITE (German) Stefan Scharfetter, trader and analyst, Baader Bank:

"The markets are still suffering from 'Brexit'. The mood is bad, the DAX has lost massively and is more or less closing on a day-low, and the worries are increasing and not decreasing."

4. Traders at desks

5. SOUNDBITE (German) Stefan Scharfetter, trader and analyst, Baader Bank:

"It is really hard to tell how it will go in here (post-'Brexit') but we can see that the market is insecure and it will stay like this. Up and down movement will continue and they will be more dramatic so uncertain times to come here."

6. Trading floor

7. Index board

FOR CLEAN VERSION SEE STORY NUMBER: 4040484

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

FOR CLEAN VERSION SEE STORY NUMBER: 4040484

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

AP Television

Basel - 14 June 2016

1. Wide of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

2. Various close of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

3. Wide of "Mirori et Cuillere" by Juan Munoz

4. Tilt down of "Mirori et Cuillere" by Juan Munoz

5. Zoom in on "Number 21" by Jackson Pollock, offered for 25-million dollars

6. Various close of "Number 21" by Jackson Pollock, offered for 25-million dollars

7. Wide of "Number 21" by Jackson Pollock, offered for 25-million dollars

8. Exterior of Art Basel, VIP guests waiting to enter

9. Close of sign

10. Various of people entering VIP preview of Art Basel

11. People inside Art Basel halls

12. Wide of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

13. Various close of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

14. Art advisor Todd Levin speaking to woman

15. Close of Levin

16. SOUNDBITE: (English) Todd Levin, art advisor:

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market. And since then the market has begun a slow but gradual correction, or slide. It is nothing serious, but certainly I think that buyers are looking a little more carefully and thoughtfully."

17. People looking at "Anchorhead" statue by David Smith, offered for 7.3-million dollars

18. Various of "Anchorhead" statue by David Smith, offered for 7.3-million dollars

19. Wide of people in gallery

20. Mid of people in gallery

21. SOUNDBITE: (English) Todd Levin, art advisor:

"Certainly Trump and the presidential elections that are coming up, but even more so Brexit, really, at the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

22. Woman taking photo of "OM+A" by Tony Oursler

23. Various close of "OM+A" by Tony Oursler

24. Various of "Femme assise sur un chaise" by Pablo Picasso, offered for 25-million dollars

25. Wide of "930-7 strip" by Gerhard Richter

26. Zoom out of "930-7 strip" by Gerhard Richter

27. Alexander Forbes, editor of Artsy art news website, walking next to "930-7 strip"

28. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption. You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature."

29. Wide of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

30. Various close of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

31. Tilt up of sculpture

32. People at the Art Basel galleries

33. Various of people looking at "Memory Ware Flat" by Mike Kelley

34. Close pan of "Memory Ware Flat" by Mike Kelley

35. Pull focus of "Memory Ware Flat" by Mike Kelley

36. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years. But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

37. Wide of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

38. Various close of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

39. SOUNDBITE: (English) Adam Scheffer, partner at New York based dealer Cheim & Read:

"Well, Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show. And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

40. Wide of "Bonley Landscape" by Gerhard Richter, offered for 13-million dollars

41. Zoom in of "Bonley Landscape" by Gerhard Richter

42. Various wide of people in Art Basel galleries

LENGTH: 7:03

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

AP Television

Basel - 14 June 2016

1. Wide of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

2. Various close of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

3. Wide of "Mirori et Cuillere" by Juan Munoz

4. Tilt down of "Mirori et Cuillere" by Juan Munoz

5. Zoom in on "Number 21" by Jackson Pollock, offered for 25-million dollars

6. Various close of "Number 21" by Jackson Pollock, offered for 25-million dollars

7. Wide of "Number 21" by Jackson Pollock, offered for 25-million dollars

8. Exterior of Art Basel, VIP guests waiting to enter

9. Close of sign

10. Various of people entering VIP preview of Art Basel

11. People inside Art Basel halls

12. Wide of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

13. Various close of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

14. Art advisor Todd Levin speaking to woman

15. Close of Levin

16. SOUNDBITE: (English) Todd Levin, art advisor:

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market. And since then the market has begun a slow but gradual correction, or slide. It is nothing serious, but certainly I think that buyers are looking a little more carefully and thoughtfully."

17. People looking at "Anchorhead" statue by David Smith, offered for 7.3-million dollars

18. Various of "Anchorhead" statue by David Smith, offered for 7.3-million dollars

19. Wide of people in gallery

20. Mid of people in gallery

21. SOUNDBITE: (English) Todd Levin, art advisor:

"Certainly Trump and the presidential elections that are coming up, but even more so Brexit, really, at the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

22. Woman taking photo of "OM+A" by Tony Oursler

23. Various close of "OM+A" by Tony Oursler

24. Various of "Femme assise sur un chaise" by Pablo Picasso, offered for 25-million dollars

25. Wide of "930-7 strip" by Gerhard Richter

26. Zoom out of "930-7 strip" by Gerhard Richter

27. Alexander Forbes, editor of Artsy art news website, walking next to "930-7 strip"

28. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption. You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature."

29. Wide of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

30. Various close of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

31. Tilt up of sculpture

32. People at the Art Basel galleries

33. Various of people looking at "Memory Ware Flat" by Mike Kelley

34. Close pan of "Memory Ware Flat" by Mike Kelley

35. Pull focus of "Memory Ware Flat" by Mike Kelley

36. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years. But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

37. Wide of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

38. Various close of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

39. SOUNDBITE: (English) Adam Scheffer, partner at New York based dealer Cheim & Read:

"Well, Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show. And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

40. Wide of "Bonley Landscape" by Gerhard Richter, offered for 13-million dollars

41. Zoom in of "Bonley Landscape" by Gerhard Richter

42. Various wide of people in Art Basel galleries

LENGTH: 7:03

European markets have opened lower after Donald Trump was elected president of the United States.

The Stoxx Europe 600 index was down 2.2 percent, while Germany's main DAX index opened 2.9 percent lower.

The Euro was 0.6 percent higher at $1.1092 as the dollar dropped across the board.

Carsten Brzeski, chief economist at ING Germany, said markets will face "chaos and turmoil" in coming days due to uncertainty about which economic program the president elect would follow.

Brzeski said global market turmoil would likely be worse than that which followed the British vote to leave the EU.

Frankfurt - 9 November 2016

1.Board showing opening of the DAX

2. Various of trading floor at Frankfurt Stock exchange

3. SOUNDBITE (English) Carsten Brzeski Chief Economist ING DIBA Bank:

"For markets obviously chaos turmoil we are going to see all stock markets going down, we should see awakening of the US dollar, and we are going to get uncertainty. It's a bit of Brexit revival."

4. Cutaway

5. SOUNDBITE (English) Carsten Brzeski Chief Economist ING DIBA Bank:

"I think markets were totally caught by surprise. Markets had expected Mrs Clinton to win especially given the developments over the last days and weeks, and you do see that markets again were on the wrong side as with Brexit. I think the most feasible thing right now will be what will the Fed will do. I think we have already seen overnight that expectations of a rate hike have been postponed again into 2017. The question is if Mrs Yellen will stay on because there has also been criticism from Mr Trump on Mrs Yellen so a lot of uncertainty about the upcoming monetary policy in the US."

6. Cutaway

7.SOUNDBITE (English) Carsten Brzeski Chief Economist ING DIBA Bank:

"I think that Trump is really bigger than Brexit cause honestly without harming my British friends, the US is much more important than the British economy. It used to be the leader of the free world Mr Trump is for real and Brexit uncertainty can last for years, but Mr Trump is here."

8. Various of trading floor

Gina Miller needs to look no further than her own small investment firm to know that leaving the European Union would be bad for Britain.

She has an analyst who is Italian: would he need a visa? She has customers who are British retirees living in Spain: will they return home to keep access to health care and liquidate their euro investments? Her firm, SCM Direct, works closely with French bank Societe Generale: would that relationship continue?

"It could be terrible for the city,'' she said suggesting the impact could be similar to the 2008 financial crisis.

From the international banks in the skyscrapers of Canary Wharf to the traditional home of Britain's financial industry in the City of London and the hedge funds of Mayfair, bankers and money managers across the capital are watching the June 23 referendum on EU membership with trepidation. Many fear a vote to leave would undermine London's position as the world's pre-eminent financial center and damage an industry that underpins the British economy.

In case of a British exit, or Brexit, from the EU, US banking giant JPMorgan said last week that they would have to move staff to the continent to ensure it could continue to serve clients who want to invest there, Dimon said. Other global banks with customers in the rest of the EU would be in a similar situation.

Britain has been the gateway to the EU for many banks, brokerages and fund managers for decades. In addition to having a trusted legal system and institutions that operate in English, the language of international finance, London is in the right time zone to access most of the Earth during its working day and has a reputation for delivering top-notch financial services. The industry is also surrounded by an ecosystem of expertise, lawyers, accountants and consultants, to support it.

Some 60 percent of all European headquarters of non-EU firms are based in the U.K., according to TheCityUK, which lobbies on behalf of the financial industry. The UK hosts more headquarters of non-EU firms than Germany, France, Switzerland and the Netherlands put together.

London's advantages are such that people in favor of leaving the EU, such as Peter Hargreaves, co-founder of brokerage firm Hargreaves Lansdown, think it will retain its luster no matter what. He poured scorn on the notion that it could be easily replicated.

"In addition to the cost of building the infrastructure for a rival to the City of London one has also got to work out whether people will want to live in another financial center,'' he said. "They certainly wouldn't want to live in Paris, although Paris is a pretty city, purely because of the tax rates and in all honesty they wouldn't want to live in Frankfurt because actually there isn't even the housing there to house them. People want to live in London.''

London's financial sector has complained about a number of EU rules, such as limits on bankers' bonuses and an attempt to impose a tax on financial transactions.

Those considerations, however, are largely trumped by concerns that leaving the EU would make access to the other 27 EU countries more difficult, many analysts say.

The principle of "passporting" currently allows any firm registered in one EU country to operate in any other member state without facing another layer of regulation. It's the same principle that allows exporters to ship their goods to any EU country free of tariffs. Losing that freedom is a particular concern for the many foreign firms who use London not only as a financial hub but as an entry point into the EU.

While the UK could probably negotiate a new arrangement for trade in goods, it would be much more complicated to hammer out a deal on services, experts believe. The situation has no precedent, no country the size of the UK has ever left such an integrated economic union, so the outcome of any talks can't be predicted.

And anything that curtails Britain's financial industry has implications for the UK economy as a whole, not just the bankers who were pilloried for taking home million-pound bonuses while they fueled the global financial crisis.

The industry's importance is even more obvious in Britain's trade figures. While the country posted an overall trade deficit of 34.4 billion pounds (50 billion US dollars) in 2014, it generated a 72 billion pound surplus from exporting financial and related services.

"Uncertainty is bad news," said Vicky Pryce, an economist and former joint head of the UK government economic service.

"It will take some time for that to settle down, it will take some time for the negotiations to take place. There is a two year period during which officials and also ministers will have to sit down and try and negotiate a deal and we just don’t know whether even over that period something will come out that will be in the slightest bit beneficial for the city so a lot of uncertainty

The City of London - the square mile roughly bounded by the walls of the original Roman city - has been the financial heart of Britain since the 17th century, when merchants meeting at local coffee houses formed Lloyd's of London and the London Stock Exchange. It has survived wars, famines and fires and would likely survive any outcome from the EU vote. The question is in what form.

Jeffrey Evans, the Lord Mayor of the City of London, whose office has promoted The City as place to do business since the Magna Carta was signed in 1215, says leaving the EU in not a risk worth taking.

Speaking in an opulent drawing room that feels more like a museum, with Dutch masters lining the walls, Evans noted that leaving the EU is "a very important matter."

"This is a decision that will affect future generations," he said.

Gina Miller needs to look no further than her own small investment firm to know that leaving the European Union would be bad for Britain.

She has an analyst who is Italian: would he need a visa? She has customers who are British retirees living in Spain: will they return home to keep access to health care and liquidate their euro investments? Her firm, SCM Direct, works closely with French bank Societe Generale: would that relationship continue?

"It could be terrible for the city,'' she said suggesting the impact could be similar to the 2008 financial crisis.

From the international banks in the skyscrapers of Canary Wharf to the traditional home of Britain's financial industry in the City of London and the hedge funds of Mayfair, bankers and money managers across the capital are watching the June 23 referendum on EU membership with trepidation. Many fear a vote to leave would undermine London's position as the world's pre-eminent financial center and damage an industry that underpins the British economy.

In case of a British exit, or Brexit, from the EU, US banking giant JPMorgan said last week that they would have to move staff to the continent to ensure it could continue to serve clients who want to invest there, Dimon said. Other global banks with customers in the rest of the EU would be in a similar situation.

Britain has been the gateway to the EU for many banks, brokerages and fund managers for decades. In addition to having a trusted legal system and institutions that operate in English, the language of international finance, London is in the right time zone to access most of the Earth during its working day and has a reputation for delivering top-notch financial services. The industry is also surrounded by an ecosystem of expertise, lawyers, accountants and consultants, to support it.

Some 60 percent of all European headquarters of non-EU firms are based in the U.K., according to TheCityUK, which lobbies on behalf of the financial industry. The UK hosts more headquarters of non-EU firms than Germany, France, Switzerland and the Netherlands put together.

London's advantages are such that people in favor of leaving the EU, such as Peter Hargreaves, co-founder of brokerage firm Hargreaves Lansdown, think it will retain its luster no matter what. He poured scorn on the notion that it could be easily replicated.

"In addition to the cost of building the infrastructure for a rival to the City of London one has also got to work out whether people will want to live in another financial center,'' he said. "They certainly wouldn't want to live in Paris, although Paris is a pretty city, purely because of the tax rates and in all honesty they wouldn't want to live in Frankfurt because actually there isn't even the housing there to house them. People want to live in London.''

London's financial sector has complained about a number of EU rules, such as limits on bankers' bonuses and an attempt to impose a tax on financial transactions.

Those considerations, however, are largely trumped by concerns that leaving the EU would make access to the other 27 EU countries more difficult, many analysts say.

The principle of "passporting" currently allows any firm registered in one EU country to operate in any other member state without facing another layer of regulation. It's the same principle that allows exporters to ship their goods to any EU country free of tariffs. Losing that freedom is a particular concern for the many foreign firms who use London not only as a financial hub but as an entry point into the EU.

While the UK could probably negotiate a new arrangement for trade in goods, it would be much more complicated to hammer out a deal on services, experts believe. The situation has no precedent, no country the size of the UK has ever left such an integrated economic union, so the outcome of any talks can't be predicted.

And anything that curtails Britain's financial industry has implications for the UK economy as a whole, not just the bankers who were pilloried for taking home million-pound bonuses while they fueled the global financial crisis.

The industry's importance is even more obvious in Britain's trade figures. While the country posted an overall trade deficit of 34.4 billion pounds (50 billion US dollars) in 2014, it generated a 72 billion pound surplus from exporting financial and related services.

"Uncertainty is bad news," said Vicky Pryce, an economist and former joint head of the UK government economic service.

"It will take some time for that to settle down, it will take some time for the negotiations to take place. There is a two year period during which officials and also ministers will have to sit down and try and negotiate a deal and we just don’t know whether even over that period something will come out that will be in the slightest bit beneficial for the city so a lot of uncertainty

The City of London - the square mile roughly bounded by the walls of the original Roman city - has been the financial heart of Britain since the 17th century, when merchants meeting at local coffee houses formed Lloyd's of London and the London Stock Exchange. It has survived wars, famines and fires and would likely survive any outcome from the EU vote. The question is in what form.

Jeffrey Evans, the Lord Mayor of the City of London, whose office has promoted The City as place to do business since the Magna Carta was signed in 1215, says leaving the EU in not a risk worth taking.

Speaking in an opulent drawing room that feels more like a museum, with Dutch masters lining the walls, Evans noted that leaving the EU is "a very important matter."

"This is a decision that will affect future generations," he said.

London - 24 May 2016

1. Various aerials of Canary Wharf

London - 6 June 2016

2. Set up of Gina Miller, co-founder of wealth management company SCM Direct

3. SOUNDBITE (English) Gina Miller, co-founder of wealth management company SCM Direct:

"It could be terrible for the city because there is so much going on in the city, and we are seen as being one of the forefronts in the financial services and being a leader in that sector and if you look at all the modelling that has gone on there will definitely be a huge impact because a lot of the euro clearing happens in the UK. We have already seen that this first quarter of this year compared to last year, M and As - mergers and acquisitions - are down 39 percent, we've seen a real halt in foreign investment in the UK. If gilt markets - foreigners why would they want to buy our gilts, we could be hit in gilts we don't know what will happen with sterling. Nobody knows."

London - 24 May 2016

4. Aerial of the city

London - 22 May 2016

6. Pan of Bank of England

7. Pull focus from flowers to Bank

8. Workers and sign for Bank underground station

London - 24 May 2016

9. Set up of Jeffrey Evans, the Lord Mayor of the City of London

10. SOUNDBITE (English) Jeffrey Evans, the Lord Mayor of the City of London:

"Well, first of all it’s very important matter, it’s a, this is a decision that will affect future generations. The city of London we had, we reached a decision in March the corporation that we would take a position and that’s very strongly that we wish to remain in, it was a clear majority for that. And it’s, it’s very important the city of London is really, perhaps are most successful industry in the UK, recognises the financial, press and business services, we recogonise the importance of the EU to London and the UK."

London - 24 May 2016

11. Aerials of the city with the Shard and the Gerkhin

Bristol - 6 June 2016

12. Various of set up of Peter Hargreaves, co-founder of brokerage firm Hargreaves Lansdown

13. SOUNDBITE (English) Peter Hargreaves, co-founder of brokerage firm Hargreaves Lansdown:

"In addition to the cost of building the infrastructure for a rival to the City of London one has also got to work out whether people will want to live in another financial center. They certainly wouldn't want to live in Paris, although Paris is a pretty city, purely because of the tax rates and in all honesty they wouldn't want to live in Frankfurt because actually there isn't even the housing there to house them. People want to live in London it's got the best restaurants in the world, the best sport facilities in the world, the best theatres in the world, I mean why would anyone want to live anywhere else."

FILE: London - 22 February 2016

14. Various of trading floor and traders at GKFX brokers in London

Bristol - 1 June 2016

15. Set up Vicky Pryce, economist and former joint head of the U.K. government economic service

16. SOUNDBITE (English) Vicky Pryce, economist and former joint head of the U.K. government economic service:

"It is just possible, even if there is a 'Brexit vote', the UK we get some special allowance in terms of the way in which it operates, particularly in the service sector with the rest of Europe. But it will take some time for that to settle down, it will take some time for the negotiations to take place. There is a two year period during which officials and also ministers will have to sit down and try and negotiate a deal and we just don’t know whether even over that period something will come out that will be in the slightest bit beneficial for the city so, a lot of uncertainty. Uncertainty is bad news."

London - 24 May 2016

14. Aerials of the city

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

LEAD IN:

Diamond encrusted guitars, giant rubies and golden pyramids were just some of the highlights of 2016's run of jewellery fairs across the globe.

But war, political uncertainty and economic turmoil took centre stage this year as most countries reported a downturn in jewellery markets.

STORY-LINE:

In January, Tokyo kicked off a year of glittering jewellery fairs in a sparkling mood.

The increasing economic uncertainty around the globe that marked the end of 2015 did not seem to be weighing heavily on the industry with organisers remaining optimistic about the market as a whole.

The centrepiece of the show was this 400 karat diamond guitar worth a cool US$2 million.

In March 2015 it was certified by the Guinness World Records as the world's most 'valuable guitar'.

It took 68 designers and craftsmen 2 months to complete this unique piece, which is made with 10,000 diamonds.

Other extravagant and novel designs included unique LED jewellery by Tohkoo.Co. Ltd.

The company developed very small LED lights and incorporated then into jewellery items such as earrings and even nails.

By February in Bangkok prospects for the industry were not looking quite so shiny.

The Thailand Gems and Jewellery Fair takes place twice a year and is Asia's second largest trade show, attracting around 1,800 exhibitors.

But traders at the fair reported that the industry was struggling.

Foreign exhibitors were allowed to sell gems and jewellery duty-free. Many local exhibitors cut their prices too. This meant buyers saved about 20 percent, which traders hoped would encourage people to buy more.

The tactics became necessary due to the continuing effects of the global economy knocking onto the gems and jewellery market.

Anthony Peter Brooke, Vice President of the Thai Gem and Jewellery Traders Association said the collapse of China's market had been particularly damaging.

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

But rubies and sapphires were still deemed safe bets - remaining in demand by the China market and maintaining their price.

Over in Hong Kong, platinum was the saviour at March's International Jewellery Show.

Traders said they were revelling in record low costs for the metal, with prices at their lowest for 7 years.

Platinum remains a popular material for jewellery, particularly in western wedding rings and minimal design pieces.

More than 2,500 exhibitors from 41 countries and regions including India, Thailand and Turkey showcased their products at the 2016 show.

As one of the biggest jewellery consuming countries, gold-loving India said its jewellery industry had been slowing down and Indian traders voiced concern that their government's plan to reintroduce excise tax could result in a drop in sales.

For Istanbul's spring show, luxury and extravagance took centre stage with designers showcasing high-end pieces to customers.

This was the most expensive creation costing 6.3 million US dollars.

The miniature model of the Pyramids of Giza is made of 1,568 pieces of 24 carat gold, and weighs 157 kg.

In the jewellery pavilions, this queen of the Istanbul exhibition gold ring made of 20 and 7 carat diamonds was priced at 345,000 US dollars.

This dagger made of gold and giant rubies was valued at 250,000 US dollars.

And anybody who took a shine to this gold coated Mercedes car would have needed a cool 220,000 US dollars to drive it away.

But behind the luxury and extravagance, Turkish jewellery exporters reported that regional tensions between Turkey and Russia were having an impact on the market.

Relations between Russia and Turkey have soured over the conflict in neighbouring Syria, and have become particularly strained since Turkey shot down a Russian warplane in Syria on November 24.

The Kremlin, meanwhile, was displaying an array of jewellery of its own.

Known for its dazzling golden domes, at the end of March it presented a sparkling collection of jewellery in its museum.

The diamond flowers and gold birds form part of a collection of work on display by award-winning Russian jewellery designer Ilgiz Fazulzyanov.

Fazulzyanov is the first living designer to have been given a solo exhibition in the Kremlin since Pierre-Karl Faberge in 1917.

In Mumbai in August, the annual India International Jewellery Show saw jewellery makers reporting a slowdown in the industry due to soaring gold prices.

But they said designers were compensating by getting more innovative with their designs.

The gems and jewellery sector contributes about six percent to India's gross domestic product (GDP), according to the India Brand and Equity Foundation.

That's due to high local demand and India's role as major centre for cutting and polishing diamonds.

Jewels play an important role in weddings, festivals, or any special occasion in India, making them a much sought after commodity.

Not only jewellery, but also art works, ornaments and even clothing are crafted from gold, silver and platinum and studded with diamonds and precious gems.

One of the highlights of the show was the "Peacock Ring", which holds the Guinness World Record for the most diamonds set in a single ring: 3,827 diamonds in all.

Weighing slightly more than 50 grams, the ring was created by Savio Jewellery and has an estimated value of 2,744,525, US dollars.

The majority of the show had jewellery designed for women, priced from a few hundred dollars to several thousand.

Jewellery designer and blogger, Prernaa Makhariaa says Indian designers were experimenting with innovation, blending traditional Indian styles with Western designs to attract buyers.

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

In London, UK traders were confident their products had not lost their sparkle despite the Brexit vote.

Experts at the International Jewellery London show said a weak pound, innovative design and a diverse marketplace for suppliers were just some of the reasons the UK jewellery market was thriving.

Michael Rawlinson is chief executive of The National Association of Jewellers, the main industry body in the UK.

He said: "The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

With innovative designers continuing to emerge from the UK's most important jewellery schools in London and Birmingham, Rawlinson said 'brand Britain' was as strong as ever.

Examples of innovation came in the form of London-based designer Joanna Boyen of Biiju and her explosion designs and Katy Tromans' fairytale inspired silver rings.

Finishing off the season in October it was back to Istanbul.

Dazzling Turkey's 2nd jewellery fair of the year was this miniature of Istanbul's Camlica Mosque made of gold.

The 300 kilogram piece honouring the largest mosque in Asia Minor (Anatolia) was valued at 10 million US dollars.

But Turkish traders were not celebrating.

Turkey is one of the top three global producers together with Italy and India, but the usually buoyant jewellery sector was waning.

The situation in Syria, terror attacks, a failed coup and a long-running internal conflict with the Kurdish minority all impacted.

Exhibitors attending the show reported an export market drop of 18% overall in the last year according to the Turkish Jewellery Exporters Association. Total exports were 1.4 billion US dollars

Russia, Iran, UAE and Iraq, traditionally the biggest customers of Turkish jewellery, bought fewer Turkish products.

Russia was in 2014 one of the main buyers of Turkish jewellery and gold, but bilateral trade was halted a year ago when Turkey shot down a Russian warplane in Syria.

After resuming business this year, Russia is now the 18th buyer of Turkish jewellery.

Iran is now the top buyer, but the purchase of jewellery and gold has decreased by 38 per cent to 384 million US dollars from January to September compared to the same period last year, according to figures from the Turkish Jewellery Exporters Association.

Tokyo, January 20, 2016

1. Tilt down $2 million guitar

2. Left Pan of Aaron Shum, President of Aaron Shum Jewellery holding the $2 million guitar his company made

3. Guinness World Records certificate for the most valuable guitar

4. Right pan - close up of body of guitar

5. A Japanese samurai helmet (kabuto) adorned with pearls

6. Tilt down of a golden teapot

7. Close of rings

8. Tilt down of coloured necklace

9. Wide of LED jewellery stand

10. Various of LED jewellery

Bangkok, Thailand, 26 February, 2016

11. Mid of gem and jewellery booth exterior at Bangkok Gems and Jewellery Fair

12. Mid of customers looking at gold and silver jewellery

13. Close of gold and silver jewellery

14. SOUNDBITE: (English) Anthony Peter Brooke, Vice President, Thai Gem and Jewellery Traders Association:

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

15. Close of ruby earrings

16. Close of ruby necklace

17. Close of rubies

18. Close of blue sapphire necklace

Hong Kong - 3rd March, 2016

19. Wide of Victor Chan, Executive Director of Continental Holdings Limited putting a diamond necklace on a holder

20. Close of 11.64 carat diamond and platinum necklace (Price: USD 35,000)

21. Close of diamond and platinum bracelets and ring. (Price of bracelet on top: USD 22,000; small bracelet on left: USD 8,000; ring: USD 4,000)

22. Wide of buyer in an Indian jewellery shop

23. Close of hands counting money

24. Pan to right of Indian style jewellery

25. Various of Ravi Ajmera, Director of Ravi Jewels & Handicrafts Pvt Ltd looking at an Indian wedding jewellery

Istanbul, Turkey - 10 March 2016

26. Various of a miniature of Pyramids of Giza made in gold by Turkish company Nadir Doviz, 1,568 pieces of 24 carat gold, 157 kilograms in total, valued at 6.3 million US dollars

27. Close of gold camels

28. Close of ring by Zen Diamond, made of 20 and 7 carat diamonds and gold, valued at 345,000 US dollars

29. Close of necklace by On Mucevherat made of 18 carat diamonds and gold, priced at 26,000 US dollars

30. Mid of On Mucevherat necklace and earrings, made of 18 carats diamonds and gold, price of earrings 8,000 US dollars

31. Various of Baget-Is dagger made of gold, diamonds, rubies, valued 250,000 US dollars, not for sale

32. Wide of Mercedes gold coated car, by Nadir Doviz, valued at 220,000 US dollars

Moscow, Russia - March 30, 2016

33. Wide of cathedral in the Kremlin

34. Various of Jewellery by Ilgiz Fazulzyanov on display

Mumbai, India - 5 August, 2016

35. Mid of Taj Mahal shaped ring

36. Zoom out of a replica of Howrah Bridge (in Kolkatta) which is made of gold and silver, on man's wrist

Mumbai, India - 4 August 2016

37. Mid of peacock ring made out of diamonds, which holds the 2015 Guinness World Record for the most diamonds set in one ring (3827)

38. Tilt up of New Fusion necklaces with uncut diamonds, set diamonds and gold costing approximately 27,600 US dollars

39. Pull focus of necklaces on display

40. Tilt down of model wearing jewellery

41. Model wearing jewellery

42. SOUNDBITE (English) Prernaa Makhariaa, Jewellery Designer and Blogger:

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

43. Pull focus of strings of coloured stones

London, UK - 4 September, 2016

44. Pull focus of large diamond

45. Close of ring

46. Mid of women looking at ring

47. Close pan left from woman to emerald earring

48. Close of blue topaz explosion ring by Biiju

49. SOUNDBITE: (English) Michael Rawlinson, Chief Executive, The National Association of Jewellers:

"The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

50. Various shots of Bright Young Gem Katy Tromans demonstrating her Rapunzel tower ring

51. Close of Tromans' Alice in Wonderland ring ornament

Istanbul – 13 October 2016

52. Various of a miniature of Camlica Mosque, made in gold and silver by Turkish company Nadir Doviz, valued 10 million US dollars

53. Various of visitors

54. Close up to rings by Zen Diamond: (below) ring made by 20 and 7 carats diamonds and gold, valued at 324,000 US dollars; (upper right) ring made of 20 carats d