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

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.

====

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FOR CLEAN VERSION SEE STORY NUMBER: 4042672

World stock benchmarks stabilized Tuesday after days of stomach-churning swings as investors started shaking off the jitters from Britain's vote to quit the European Union and its messy aftermath.

European benchmarks rose in early trading, with France's CAC 40 up 1.2 percent to 4,084.22 and Germany's DAX up 2.2 percent to 9,469.34. Britain's FTSE 100 rose 2.2 percent to 6,110.54. U.S. stocks were poised to open higher. Dow futures climbed 1.2 percent to 17,194.00 and broader S&P 500 futures were up 1.2 percent to 2,008.20.

Uncertainty and anxiety over the outcome of last week's vote roiled global financial markets, sent the pound to its lowest level in three decades and prompted ratings agencies to slash their top-shelf credit rating for the U.K.

FOR CLEAN VERSION SEE STORY NUMBER: 4042672

World stock benchmarks stabilized Tuesday after days of stomach-churning swings as investors started shaking off the jitters from Britain's vote to quit the European Union and its messy aftermath.

European benchmarks rose in early trading, with France's CAC 40 up 1.2 percent to 4,084.22 and Germany's DAX up 2.2 percent to 9,469.34. Britain's FTSE 100 rose 2.2 percent to 6,110.54. U.S. stocks were poised to open higher. Dow futures climbed 1.2 percent to 17,194.00 and broader S&P 500 futures were up 1.2 percent to 2,008.20.

Uncertainty and anxiety over the outcome of last week's vote roiled global financial markets, sent the pound to its lowest level in three decades and prompted ratings agencies to slash their top-shelf credit rating for the U.K.

AP TELEVISION

Hong Kong - 28 June 2016

1. Wide Hong Kong Stock Exchange trading floor

2. Wide electronic board showing Hang Seng Index down 224.76 points or 1.11 percent

3. Various of traders

4. Various of electronic board showing stock data

AP TELEVISION

Seoul, South Korea - 28 June 2016

5. Various KOSPI screens, traders

6. Screens for EUR/KRW and BRP/KRW exchange rates

7. Trader at desk

AP TELEVISION

Tokyo, Japan - 28 June, 2016

8. Various traders, screens

AUDIO: ASSOCIATED PRESS

28 June, 2016

9. SOUNDBITE (English) Voice of, Kelvin Chan, Associated Press Business Writer

"The global financial markets have been really roiled in the past few days by the whole Brexit vote in the UK last week. But today seems to be a bit of calm returning to the markets. I'm watching the indexes for Asia on my screen and they started out the morning, a lot of them in red, in negative terriroty. I've been watching them tick into the green or kind of flat, which is a lot better than the past few days where Tokyo's stocks were down eight percent on Friday. So things are getting a bit less turbulent now. What one sales trader told me, he compared it to a spring that you pull it and it bounces up and down. And another thing is that today Japan's Prime Minister asked his top officials to kind of keep an eye on the markets and the exchange rates and take the necessary steps to calm them down.

The pound plunged to its lowest level in 30 years on Friday and fell another 2.3 percent against the U.S. dollar on Monday, to $1.3360. Stock markets also declined across Europe.

Britain's Treasury chief George Osborne sought Monday to ease concerns about the vote to leave the European Union, saying the economy is as strong as it could be to face the uncertainty - even as a survey showed many companies are looking to move business out of the country.

In his first public appearance since Thursday's referendum, Osborne stressed that Britain's economy is in a far better position than it was at the start of the 2008 financial crisis.

The pound plunged to its lowest level in 30 years on Friday and fell another 2.3 percent against the U.S. dollar on Monday, to $1.3360. Stock markets also declined across Europe.

Britain's Treasury chief George Osborne sought Monday to ease concerns about the vote to leave the European Union, saying the economy is as strong as it could be to face the uncertainty - even as a survey showed many companies are looking to move business out of the country.

In his first public appearance since Thursday's referendum, Osborne stressed that Britain's economy is in a far better position than it was at the start of the 2008 financial crisis.

London - 27 June, 2016

1. Various of stockbrokers at screens

2. SOUNDBITE (English) Mike Ingram, market Strategist:

“We think so although he (chancellor of the exchequer ) has had to row back on a lot of what he was saying immediately prior to the Brexit vote. For instance he was one the biggest cheer leaders for so called project fear, he said that there would have to be an immediate emergency budget, this morning he said that is a matter of the new prime minister, that s probably going to be expected in the late autumn. He also said last week that there was no plan B as far as the treasury is concerned. This morning he was saying that in fact there had been contingency planning for months.“

3. Various of brokers on phone

4. SOUNDBITE (English) Mike Ingram, market strategist:

“Hopefully during the course of the next few days see more concrete plans as to what their (politicians) negotiating positions are going to be with the EU and that point we will wait the EU response. Of course, one of the most contentious issues which has arisen over the weekend is the triggering of Article 50, one of the things that George Osbourne mentioned today it is down to the UK to decide when to trigger that despite EU pressure, of course I believe that's a legally correct position but of course the political reality is that pressure will continue to build the longer the Uk doesn’t trigger that particular piece of legislation."

5. Various of stock brokers

Stock markets and the pound plunged on Friday amid investor concerns about the economic repercussions of Britain's departure from the EU, the world's largest economic bloc, but were calmer at closing time.

Michael Ingram, a market strategist at BGC brokerage said the "outright panic" that set in at the opening of trading subsided somewhat to help the pound sterling recover some of its lost value by closing time.

Britain's FTSE 100 dropped 3.1 percent. At one point it was 8 percent lower. The German DAX index sank 6.8 percent and France's CAC 40 index tumbled 8 percent.

The pound hit its lowest level since 1985 before recovering slightly to trade at 1.3744 US dollars.

That's still far below the 1.4808 US dollars it traded at late Thursday in New York.

Ingram said that Britain's exit from the EU would be a "question mark" over the future of London as a financial centre for some time.

But he said suggestions that it would be taken over by Paris and Frankfurt as main trading hubs were "absolutely fanciful" when compared to London's size, infrastructure and human resources.

Stock markets and the pound plunged on Friday amid investor concerns about the economic repercussions of Britain's departure from the EU, the world's largest economic bloc, but were calmer at closing time.

Michael Ingram, a market strategist at BGC brokerage said the "outright panic" that set in at the opening of trading subsided somewhat to help the pound sterling recover some of its lost value by closing time.

Britain's FTSE 100 dropped 3.1 percent. At one point it was 8 percent lower. The German DAX index sank 6.8 percent and France's CAC 40 index tumbled 8 percent.

The pound hit its lowest level since 1985 before recovering slightly to trade at 1.3744 US dollars.

That's still far below the 1.4808 US dollars it traded at late Thursday in New York.

Ingram said that Britain's exit from the EU would be a "question mark" over the future of London as a financial centre for some time.

But he said suggestions that it would be taken over by Paris and Frankfurt as main trading hubs were "absolutely fanciful" when compared to London's size, infrastructure and human resources.

London - 24 June 2016

1. Various of trading room of BGC brokerage, traders

2. Michael Ingram being interviewed

3. SOUNDBITE (English) Michael Ingram, market strategist at BGC brokerage:

"A day of high drama, I think we drew back from the outright panic that we had at the open. Of course this was no better illustrated what the roller coaster ride in and around sterling it was trading as high as 1.50 dollar overnight, then when the results started to come in and people thought 'my goodness maybe we are going to vote for a Brexit', we saw this deathly plunge down, at one point 1.31 against the dollar and then as the market opened in London we saw a bit of recovering, recover, traded up to more or less the 1.40 level and now it's ending the day in London about 1.36."

4. Cutaway of traders

5. SOUNDBITE (English) Michael Ingram, market strategist at BGC brokerage:

"The only thing we can be certain about is more uncertainty at this particular point in time. I think over the next couple of days, over the weekend the focus will shift from the market arena to the political arena, obviously it's already had political ramifications, the resignation of David Cameron for instance, we know that Scotland is likely to move actually quite rapidly to a further referendum which is likely to see them leave the UK and of course we started to get the feedback from European leaders feed through, that is going to continue."

6. Traders

7. SOUNDBITE (English) Michael Ingram, market strategist at BGC brokerage:

"I think certainly there is going to be a question mark over the future of London as a financial centre for some time. However I think the disparity in size and capacity and the sort of human resource and supporting infrastructure that the City of London has could not be accommodated in any way by either Frankfurt and Paris. So I think the idea that we're going to see a relatively rapid decampment of the financial community to continental Europe I think is absolutely fanciful and always remember that there is a deep-seated distrust of Anglo-Saxon capitalism, market based capitalism amongst Europeans."

8. Empty desks after end of trade

Britain's leading stock index struck a record high on Tuesday as a closely monitored survey showed manufacturers in the country gaining further business from the sharp fall in the value of the pound since the country's decision last June to leave the European Union (EU).

In early-afternoon trading, the FTSE 100 index was up 0.4 percent at 7,174.

Though the index is down slightly from its earlier all-time high of 7,205.21, it remains on course to better the previous record high of 7,142.83.

Joshua Mahoney, a market analyst at IG Group, told The Associated Press that further gains are expected, adding he doesn't think "anyone wants to stand in the way of this steam train at the moment".

One of the main reasons why the FTSE 100 has hit a series of highs over the past few months relates to the near 20 percent fall in the value of the pound across a wide array of currencies since June's vote to leave the EU.

A weaker pound can help exporters win business in international markets and paradoxically boosts earnings of many of the companies that make up the FTSE 100.

Though manufacturing remains a positive driver, the consensus both within and out of government is that the British economy will see growth falter this year as the uncertainty surrounding Brexit ratchets up.

London, United Kingdom - 3 January, 2017

1. Trading floor of IG Group

2. Various of IG market analyst Joshua Mahoney walking inside office

3. SOUNDBITE (English) Joshua Mahoney, Market Analyst, IG Group:

"Certainly it was a very strong end to 2016 for the FTSE 100, now we've just started the New Year hitting record highs on the first day of 2017. Now I don't necessarily think that anyone wants to stand in the way of this steam train at the moment and certainly we do expect to see further gains around the corner. That being said there's a lot of worry within the markets, and now certainly this is something that has gone on for years now - where everyone's saying, you know, maybe we're seeing a bubble forming. Are we seeing a bubble at the moment? It's very hard to say but we're certainly in a position where we are unlikely to see any more stimulus from the Bank of England and, therefore, where's that next boost going to come from? Everyone's sort of rising, all the different indices are rising, because everyone is focusing in on the US. What happens if the US don't deliver on their fiscal policy and at the same time you're seeing the Federal Reserve raising rates. So there certainly is a threat, but for the time being I don't think that there's necessarily too much to worry about and I do think we're going to see the pound deteriorate and that should continue to provide a boost for the FTSE 100 throughout the beginning part of 2017."

4. Various of Mahoney

5. SOUNDBITE (English) Joshua Mahoney, Market Analyst, IG Group:

"Certainly the big story for the back-end of 2016 was all about that pound weakness and it is looking like it is going to carry through into 2017. The big question is what influence is the Brexit negotiations going to have on it and I don't think necessarily we're going to get anything positive in terms of Brexit negotiations for some time yet. There's no reason for anyone within the European Union to actually show their hands in a positive sense towards the UK and as such, as these negotiations come forth, and as you see the odd company start to say that maybe they are going to start moving some of their operations abroad, I think there are going to be more and more worries about what's going to happen with the UK. So I think, it might not necessarily take a move into March for when these negotiations actually start happening, I think we're going to start to see it front-run somewhat in the markets, so I think January or February we will see another leg lower for the pound and that's going to have a big influence in terms of the valuations in the FTSE because, of course, that pound weakness actually has been the main driver of strength at the back-end of 2016."

6. Various of Mahoney

7. SOUNDBITE (English) Joshua Mahoney, Market Analyst, IG Group:

"I think that traders love volatility and when you have a year without any volatility it's not necessarily something that people get too interested in, they find it frustrating. When we do see these big events, like, you know, the French election coming up, Donald Trump I think has proven himself to be able to cause volatility with a single tweet, so whether that's going to stop or not - it's highly unlikely that it will stop."

8. Wide of trading floor of IG

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

The Hong Kong stock market rallied on Wednesday following overnight gains on Wall Street and even bigger gains in Europe, as worries about uncertainty following Britain's EU referendum eased.

The benchmark Hang Seng Index gained 0.22 percent or 44.61 points to open at 20217.07 .

The Hong Kong stock market rallied on Wednesday following overnight gains on Wall Street and even bigger gains in Europe, as worries about uncertainty following Britain's EU referendum eased.

The benchmark Hang Seng Index gained 0.22 percent or 44.61 points to open at 20217.07 .

Hong Kong – 29 June, 2016

1. Wide Hong Kong Stock Exchange trading floor

2. Electronic board showing Hang Seng Index up 128.72 points or 0.63 percent

3. Various of traders

4. Various of electronic board showing stock data

5. Pan of trading floor

UK markets recovered on Tuesday, after two days of post-referendum losses.

The decision of the British people to vote to leave the EU last thursday had sent stock tumbling and the British pound reached a 30-year low.

On Tuesday the FTSE 100 index of the UK's biggest companies closed up 2.68 percent, mirroring European markets which also rallied.

Germany's DAX index had gained 1.93 percent on closing.

The British pound recovered somewhat, but remained near the 30-year lows it plunged to immediately following the British 'leave' vote.

Meanwhile a decision by rating agencies Standard and Poor's and Fitch to downgrade the UK's soverieign credit rating to AA from AAA in the aftermath of the vote hadn't yet had too much of an effect on the trading of UK sovereign debt gilts, said a market strategist.

UK markets recovered on Tuesday, after two days of post-referendum losses.

The decision of the British people to vote to leave the EU last thursday had sent stock tumbling and the British pound reached a 30-year low.

On Tuesday the FTSE 100 index of the UK's biggest companies closed up 2.68 percent, mirroring European markets which also rallied.

Germany's DAX index had gained 1.93 percent on closing.

The British pound recovered somewhat, but remained near the 30-year lows it plunged to immediately following the British 'leave' vote.

Meanwhile a decision by rating agencies Standard and Poor's and Fitch to downgrade the UK's soverieign credit rating to AA from AAA in the aftermath of the vote hadn't yet had too much of an effect on the trading of UK sovereign debt gilts, said a market strategist.

London - 28 June 2016

1. Various of trading floor and stock market traders at BGC brokerage company

2. SOUNDBITE (English) Mike Ingram, Market Strategist:

"The markets certainly rebounded significantly today and I would argue that to a large extent it's a reaction to the near panic stations that we saw in previous sessions, arguably some of the fallls, particularly in the finical sector that we have seen over the recent days have been absolutely enormous. Yes I think it's undoubtely the case that there will be an economic impact certainly in the UK and perhaps to a lesser extent abroad, but to see some banking stocks down 20, 30, 40 percent certainly looks to have been a bit overdone so I can certainly rationalise that. Also I think some of the political rhetoric has been dialled down a little bit, perhaps we're not gazing so much into the economic abyss that many though we might be certainly in the run up for the referendum. Of course we had project fear here in the UK (referring to a term used by the 'Leave' campaign about the 'Remain' campaign on the conseuqences of vote to leave the EU). So I think that's a steadying of nerves, but of course in the very early days yet we've come down a long way and we've still got a long way to go on the way up and tomorrow is another day but we'll still be here."

3 Cutaway

4 SOUNDBITE (English) Mike Ingram, Market Strategist:

"OK, the pound was trading up a little bit earlier on in the session. it got to 1.34 (Pound Sterling) in change versus the (US) Dollar, (it's) softened somewhat in that last couple of hours and it's pretty much unchanged now to 1.33 (Pound Sterling) to US Dollars. In terms of bond markets within Europe we have seen perhaps a little reaction in and around UK sovereign debt gilts (UK government liability listed on the London Stock Exchange). That might be up ascribed to the move overnight by Standard and Poor's and Fitch to both downgrade the UK sovereign (credit rating). Having said that it generally seems to be a "rest on" day, I've also seen bonds have a very mild sell-off as well so I would probably be a little bit cautious in theorising that this is the start of a more profound sell-off in UK sovereign debts."

5. Various of trading floor and stock market traders at BGC brokerage company

South Korean shares opened lower on Monday after Britain's unexpected decision to leave the European Union on Thursday.

The Korea Composite Stock Price Index (KOSPI) fell 12.29 points, or 0.64 per cent, to 1,913.07 in the first five minutes of trading.

The local currency was trading at 1174.30 won against the US dollar, up by 5.6 won from the previous session's close.

Tokyo shares opened higher on Monday as market players bought in stocks that had plunged after Britain voted to leave the European Union.

Japan's Nikkei began trading at 15,153.08.

On Monday morning, the Japanese Yen traded at around 102 yen to the dollar, while the British pound traded at 136 yen.

South Korean shares opened lower on Monday after Britain's unexpected decision to leave the European Union on Thursday.

The Korea Composite Stock Price Index (KOSPI) fell 12.29 points, or 0.64 per cent, to 1,913.07 in the first five minutes of trading.

The local currency was trading at 1174.30 won against the US dollar, up by 5.6 won from the previous session's close.

Tokyo shares opened higher on Monday as market players bought in stocks that had plunged after Britain voted to leave the European Union.

Japan's Nikkei began trading at 15,153.08.

On Monday morning, the Japanese Yen traded at around 102 yen to the dollar, while the British pound traded at 136 yen.

Seoul – 27 June 2016

1. Wide of dealing room

2. Close pan of screen from EUR/KRW exchange rate at 1299.34, down by 11.75 to GBP/KRW exchange rate at 1581.45, down by 31.37

3. Wide of screens showing Korean Composite Stock Price Index (KOSPI) at 1902.65 which is down by 22.59 points (-1.17%) and USD/KRW exchange rate at 1176.80 which is down by 3.10

4. Dealers working

5. Dealer working

6. Close of monitor

7. Close of screen showing GBP/KRW exchange rate

8. Wide of dealing room

Tokyo - 27 June 2016

9. Various of the Tokyo Stock Exchange

10. Various of a currency trading room

11. Set up of Takuya Kanda, research department general manager at Gaitame.com Research Institute

12. SOUNDBITE (Japanese) Takuya Kanda, research department general manager at Gaitame.com Research Institute:

"The biggest concern is whether the effects of Britain's exit from the EU may spread to other EU countries. If the issue remains solely with Britain, we do not believe the problem would spread too far. But on the other hand if other countries move towards leaving the EU, or if there are countries that crop up saying they want to leave the EU, the effects could be far more significant than what we see now."

13. Cutaway of Kanda

14. SOUNDBITE (Japanese) Takuya Kanda, research department general manager at Gaitame.com Research Institute:

"Regarding the (British) Pound or the Euro, we could see some continued weaknesses for a while going forward. In reaction to this, the Yen's strength could advance but as mentioned earlier. But at levels where the Yen hits 100-yen, markets may be somewhat cautious towards (currency) intervention, so going forward we may see some wrestling (between these elements)."

15. Various of trading room

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

Federal Reserve Chairman Jerome Powell says the U.S. economy should keep expanding at a solid, though somewhat slower pace this year.

But he warns of growing risks, including a global slowdown, volatile financial markets and uncertainty about U.S. trade policy.

In delivering the Fed's semiannual monetary report to Congress, Powell says the Fed will be "patient" in determining when to boost its benchmark policy rate in light of the various "crosscurrents and conflicting signals."

He says the Fed's rate decisions will be "data dependent" as the economic outlook evolves.

The Fed in December indicated it could hike rates two times this year. But many private economists believe the Fed will keep rates unchanged until late this year and may not hike at all.

Powell said that the economy grew at a strong pace last year, with employment and inflation remaining close to the Fed's goals.

He said it appeared that overall growth was slightly below 3 percent in 2018. The Fed expects 2019 growth to slow somewhat.

Powell cited a number of factors that could slow growth have emerged in recent months.

He noted that growth has slowed in major foreign economies, including China and Europe, and "uncertainty is elevated" around major policy issues such as Brexit, Britain's proposed exit from the European Union, and ongoing U.S. trade negotiations with various countries.

POOL

Washington, DC - 26 February 2019

+++CAMERA SWITCHED AT SOURCE+++

1. Wide of Federal Reserve Chair Jerome Powell arriving for hearing

2. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"The economy grew at a strong pace on balance last year, and employment and inflation remained close to the Federal Reserve's statutory goals of maximum employment and stable prices, our dual mandate. Based on available data we estimate the Gross Domestic Product or GDP rose a little less than 3 percent last year, following a two and a half percent increase in 2017. Last year's growth was led by strong gains in consumer spending and increases in business investment. Growth was supported by increases in employment and wages, optimism among households and businesses, and fiscal policy actions. In the last couple of months some data have softened but still point to spending gains this quarter. While the partial government shutdown created significant hardship for government employees and many others, the negative effects on the economy are expected to be fairly modest, and to largely unwind over the next several months."

+++BLACK FRAMES+++

3. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"The job market remains strong. Monthly job gains averaged 220,000 in 2018, and payrolls increased an additional 304,000 in January. The unemployment rate stood at 4 percent in January, a very low level by historical standards, and job openings remain abundant. Moreover, the ample availability of job opportunities appears to have encouraged some people to join the workforce, and some who otherwise might have left to remain in it. As a result, the labor force participation rate for people in their prime working years, which is to say the share of people ages 25 to 54, who are either working or actively looking for work, has continued to increase over the past year. In another welcome development, we are seeing signs of stronger wage growth."

+++BLACK FRAMES+++

4. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"Overall Consumer Price Inflation, as measured by the 12 month change in the price index for personal consumption expenditures, is estimated to have been one point seven percent in December; held down by recent declines in energy prices. Core PCE (personal consumption expenditures) inflation, which excludes food and energy prices and tends to be a better indicator of future inflation, is estimated at 1.9 percent. At our January meeting, my colleagues and I generally expected the economic activity to expand at a solid pace, albeit somewhat slower than in 2018, and the job market to remain strong."

+++BLACK FRAMES+++

5. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"While we view current economic conditions as healthy, and the economic outlook as favorable, over the past few months we have seen some crosscurrents and conflicting signals. Financial markets have become more volatile toward year end, and financial conditions are now less supportive of growth than they were earlier last year. Growth has slowed in some major foreign economies, particularly China and Europe. And uncertainty is elevated around some unresolved government policy issues, including Brexit and ongoing trade negotiations. We will carefully monitor these issues as they evolve."

6. Cutaway of senators on dais

Federal Reserve Chairman Jerome Powell says the U.S. economy should keep expanding at a solid, though somewhat slower pace this year.

But he warns of growing risks, including a global slowdown, volatile financial markets and uncertainty about U.S. trade policy.

In delivering the Fed's semiannual monetary report to Congress, Powell says the Fed will be "patient" in determining when to boost its benchmark policy rate in light of the various "crosscurrents and conflicting signals."

He says the Fed's rate decisions will be "data dependent" as the economic outlook evolves.

The Fed in December indicated it could hike rates two times this year. But many private economists believe the Fed will keep rates unchanged until late this year and may not hike at all.

Powell said that the economy grew at a strong pace last year, with employment and inflation remaining close to the Fed's goals.

He said it appeared that overall growth was slightly below 3 percent in 2018. The Fed expects 2019 growth to slow somewhat.

Powell cited a number of factors that could slow growth have emerged in recent months.

He noted that growth has slowed in major foreign economies, including China and Europe, and "uncertainty is elevated" around major policy issues such as Brexit, Britain's proposed exit from the European Union, and ongoing U.S. trade negotiations with various countries.

POOL

Washington, DC - 26 February 2019

+++CAMERA SWITCHED AT SOURCE+++

1. Wide of Federal Reserve Chair Jerome Powell arriving for hearing

2. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"The economy grew at a strong pace on balance last year, and employment and inflation remained close to the Federal Reserve's statutory goals of maximum employment and stable prices, our dual mandate. Based on available data we estimate the Gross Domestic Product or GDP rose a little less than 3 percent last year, following a two and a half percent increase in 2017. Last year's growth was led by strong gains in consumer spending and increases in business investment. Growth was supported by increases in employment and wages, optimism among households and businesses, and fiscal policy actions. In the last couple of months some data have softened but still point to spending gains this quarter. While the partial government shutdown created significant hardship for government employees and many others, the negative effects on the economy are expected to be fairly modest, and to largely unwind over the next several months."

+++BLACK FRAMES+++

3. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"The job market remains strong. Monthly job gains averaged 220,000 in 2018, and payrolls increased an additional 304,000 in January. The unemployment rate stood at 4 percent in January, a very low level by historical standards, and job openings remain abundant. Moreover, the ample availability of job opportunities appears to have encouraged some people to join the workforce, and some who otherwise might have left to remain in it. As a result, the labor force participation rate for people in their prime working years, which is to say the share of people ages 25 to 54, who are either working or actively looking for work, has continued to increase over the past year. In another welcome development, we are seeing signs of stronger wage growth."

+++BLACK FRAMES+++

4. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"Overall Consumer Price Inflation, as measured by the 12 month change in the price index for personal consumption expenditures, is estimated to have been one point seven percent in December; held down by recent declines in energy prices. Core PCE (personal consumption expenditures) inflation, which excludes food and energy prices and tends to be a better indicator of future inflation, is estimated at 1.9 percent. At our January meeting, my colleagues and I generally expected the economic activity to expand at a solid pace, albeit somewhat slower than in 2018, and the job market to remain strong."

+++BLACK FRAMES+++

5. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve

"While we view current economic conditions as healthy, and the economic outlook as favorable, over the past few months we have seen some crosscurrents and conflicting signals. Financial markets have become more volatile toward year end, and financial conditions are now less supportive of growth than they were earlier last year. Growth has slowed in some major foreign economies, particularly China and Europe. And uncertainty is elevated around some unresolved government policy issues, including Brexit and ongoing trade negotiations. We will carefully monitor these issues as they evolve."

6. Cutaway of senators on dais

The UK's benchmark FTSE 100 stock index fell 180 points, or 2.46 percent, on Tuesday after Prime Minister Theresa May announced she plans to hold a snap general election on 8 June.

The UK pound, meanwhile, surged against the euro and the US dollar.

Chris Beauchamp, Senior Market Analyst at IG Group, said the higher currency movement is often seen alongside a fall in equities as "a lot of UK companies have earnings overseas so the rising pound makes those revenues more expensive".

He said it was the reverse of what happened following the UK's vote in June to leave the European Union, adding that it was difficult for markets to work out what happens next.

May is seeking a stronger mandate as she negotiates Britain's exit from the European Union.

She is hoping to strengthen her position in the House of Commons, where her Conservative Party has 330 seats out of 650.

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London - 18 April 2017

1. Various of traders at computer screens

2. Set-up of Chris Beauchamp, senior market analyst at IG Group

3. SOUNDBITE (English) Chris Beauchamp, Senior Market Analyst at IG Group:

"We had actually quite a big rise in the pound on the back of the announcement - a bit of a surprise move, of course, by the prime minister. We had the market already falling, the stock market; the FTSE 100 was down and that's been pushed a lot lower on the back of that, mainly because the pound has had such a strong day so we have seen a bit of repricing of stocks and forecasts for earnings on the back of that. I think the move higher in the pound is a reflection of the expectation that the Conservatives will win (the election), will be the largest party following the election, they will form the next government and that gives you the stability, it gives you the sort of stability at the heart of government that the markets like to see and that's why I think people are relatively calm about this one because it's one that the polls are pointing to a fairly solid and predictable result."

4. Cutaway

5. SOUNDBITE (English) Chris Beauchamp, Senior Market Analyst at IG Group:

"It's often the case that you get a move higher in the currency and then a fall in the stock market because a lot of these UK companies have earnings overseas so the rising pound makes those revenues more expensive, it makes their products more expensive overseas and so decreases the chances of a strong earnings report. And that's why you see people selling the shares on expectations of a weaker performance. It's the reverse of what we had after the Brexit referendum where the pound dropped sharply and the FTSE 100 went up quite a lot because you had that expectation they would be more competitive overseas, selling more products and thus having bigger profits."

6. Cutaway

7. SOUNDBITE (English) Chris Beauchamp, Senior Market Analyst at IG Group:

"Yeah, there's a sense that a lot of the minutiae will take a back seat now, that we'll have a sort of focus on the UK as a whole and the outlook. Now, that will mean that the indexes like the FTSE 100, the FTSE 250, will be front and centre and, of course, the pound, the UK government bond market as well. A lot of depend on what we see in the manifestos that will need to be rushed out in the next couple of weeks presumably and the statements from the party leaders, and that will mean we'll be keenly watching any clues that emerge in the next few days."

8. Cutaway

9. SOUNDBITE (English) Chris Beauchamp, Senior Market Analyst at IG Group:

"Well again it's very difficult for the market to work out what happens next. At least, with the polls as they are at the moment, it looks a fairly predictable outcome. We learnt last year, of course, not to trust too much in polls. But I think we can fairly anticipate the outcome of this one. But, as you pointed out, we've got a long period ahead of us now of uncertainty, with fresh Brexit negotiations, even after the election, and of course the potential Scottish referendum, that mean it is a very uncertain period for markets and it will be difficult for them to work out really what the UK will look like in a few years' time."

10. Various of traders