FOR CLEAN VERSION SEE STORY NUMBER: 4038463

LEAD IN:

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

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

STORY-LINE:

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

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

It must be London Wine Week.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

600 million bottles of wine are bottled in the UK.

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

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

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

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

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

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

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

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

FOR CLEAN VERSION SEE STORY NUMBER: 4038463

LEAD IN:

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

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

STORY-LINE:

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

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

It must be London Wine Week.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

600 million bottles of wine are bottled in the UK.

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

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

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

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

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

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

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

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

AP Television

London - 27 May 2016

1. Close of wine glasses

2. Bartender pouring sparkling wine

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

4. Group of friends enjoying English sparkling wine

5. Men playing table tennis

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

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

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

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

9. Two women with wine flight selection

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

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

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

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

12. Various of Portuguese wine pop up

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

14. Flight of Portuguese wines

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

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

Stenbom: "Yes,"

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

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

16. Pull focus of Spanish wine labels

17. Vintage bottles of fortified wine

18. Side view of Spanish wine bottles

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

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

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

21. Close of wine labels

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

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

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

23. Pan from mediaeval knight sculpture to pop up courtyard

24. Mid of Provence wines pop up

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

26. Close of Harrow eyeing the wine

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

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

28. Mid of woman laughing over a glass of wine

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

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

30. Woman at table with wine

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

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

32. Various of English rose and white sparkling wines

33. Vermouth being poured into a glass

34. Various of "Regal Rogue" Vermouth bottle

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

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

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

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

38. Mid of vermouth cocktails being made

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

LENGTH: 6:02

LEAD IN:

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

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

STORY-LINE:

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

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

It must be London Wine Week.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

600 million bottles of wine are bottled in the UK.

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

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

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

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

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

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

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

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

LEAD IN:

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

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

STORY-LINE:

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

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

It must be London Wine Week.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

600 million bottles of wine are bottled in the UK.

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

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

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

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

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

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

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

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

AP Television

London - 27 May 2016

1. Close of wine glasses

2. Bartender pouring sparkling wine

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

4. Group of friends enjoying English sparkling wine

5. Men playing table tennis

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

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

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

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

9. Two women with wine flight selection

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

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

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

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

12. Various of Portuguese wine pop up

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

14. Flight of Portuguese wines

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

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

Stenbom: "Yes,"

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

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

16. Pull focus of Spanish wine labels

17. Vintage bottles of fortified wine

18. Side view of Spanish wine bottles

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

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

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

21. Close of wine labels

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

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

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

23. Pan from mediaeval knight sculpture to pop up courtyard

24. Mid of Provence wines pop up

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

26. Close of Harrow eyeing the wine

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

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

28. Mid of woman laughing over a glass of wine

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

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

30. Woman at table with wine

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

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

32. Various of English rose and white sparkling wines

33. Vermouth being poured into a glass

34. Various of "Regal Rogue" Vermouth bottle

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

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

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

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

38. Mid of vermouth cocktails being made

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

LENGTH: 6:02

LEAD IN:

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

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

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

STORY-LINE:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For science and medicine, concerns were two fold.

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

They went into research like this at Kings College London.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Many are retired and spend their pensions here.

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

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

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

Not everyone was bemoaning the onset of Brexit.

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

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

Art dealers are reporting a similar trend.

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

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

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

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

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

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

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

About 9.5 million of those are exported.

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

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

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

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

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

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

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

AP Television

London, UK - 22 February 2016

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

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

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

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

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

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

AP Television

London, UK - 11 June, 2016

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

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

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

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

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

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

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

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

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

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

20. Various of takeaway fish and chips being served

AP Television

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

++4:3++

21. Red buses on a London street

AP Television

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

++4:3++

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

23. Wide of Ford cars on a train

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

AP Television

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

++4:3++

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

AP Television

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

++4:3++

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

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

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

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

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

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

31. Close of Van Velzen

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

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

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

AP Television

Southampton, UK - 16 September 2016

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

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

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

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

39. Various of Fairline yacht

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

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

41. Zoom out from cruise ship docked near boat show

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

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

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

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

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

46. Various of Juan Mayor Carlos Maldonado in his office

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

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

48. Various of family walking near beach

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

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

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

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

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

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

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

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

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

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

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

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

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

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

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

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

WORLD BREXIT REVIEW

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

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

LENGTH: 6.44

SHOTLIST:

AP Television

London, UK - 22 February 2016

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

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

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

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

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

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

AP Television

London, UK - 11 June, 2016

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

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

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

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

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

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

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

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

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

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

20. Various of takeaway fish and chips being served

AP Television

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

++4:3++

21. Red buses on a London street

AP Television

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

++4:3++

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

23. Wide of Ford cars on a train

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

AP Television

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

++4:3++

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

AP Television

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

++4:3++

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

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

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

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

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

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

31. Close of Van Velzen

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

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

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

AP Television

Southampton, UK - 16 September 2016

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

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

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

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

39. Various of Fairline yacht

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

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

41. Zoom out from cruise ship docked near boat show

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

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

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

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

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

46. Various of Juan Mayor Carlos Maldonado in his office

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

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

48. Various of family walking near beach

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

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

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

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

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

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

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

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

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

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

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

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

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

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

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

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

LEADIN:

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

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

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

STORYLINE:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For science and medicine, concerns were two fold.

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

They went into research like this at Kings College London.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Many are retired and spend their pensions here.

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

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

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

Not everyone was bemoaning the onset of Brexit.

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

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

Art dealers are reporting a similar trend.

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

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

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

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

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

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

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

About 9.5 million of those are exported.

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

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

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

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

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

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

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

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LEAD IN:

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

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

STORY-LINE:

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

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

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

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

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

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

Art dealers are reporting a similar trend.

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

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

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

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

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

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

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

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

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

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

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

Antique jewellery dealers are also benefiting.

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

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

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

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

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

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

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

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

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

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

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

London, UK - 1 November 2016

1. Pull focus of bronze Japanese archer

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

3. Mid of men admiring antique chandelier

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

5. Wide of woman reading catalogue

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

7. Various of Craig Carrington looking at bust

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

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

9. Art dealer Tanya Baxter showing painting to visitor

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

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

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

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

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

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

14. Various of art collector David Ryder looking at painting

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

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

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

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

18. Set up shot of art dealer Julian Hartnoll

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

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

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

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

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

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

23. Close of 1930s Chinese coral sculpture

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

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

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

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

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

28. Wide of antique clock stand

29. Wide of grandfather clocks, tilt down

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

31. Various of woman opening clock and chiming its bells

32. Wide pan left of show floor

LEAD IN:

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

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

STORY-LINE:

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

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

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

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

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

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

Art dealers are reporting a similar trend.

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

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

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

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

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

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

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

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

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

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

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

Antique jewellery dealers are also benefiting.

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

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

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

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

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

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

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

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

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

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

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

London, UK - 1 November 2016

1. Pull focus of bronze Japanese archer

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

3. Mid of men admiring antique chandelier

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

5. Wide of woman reading catalogue

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

7. Various of Craig Carrington looking at bust

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

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

9. Art dealer Tanya Baxter showing painting to visitor

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

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

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

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

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

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

14. Various of art collector David Ryder looking at painting

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

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

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

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

18. Set up shot of art dealer Julian Hartnoll

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

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

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

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

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

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

23. Close of 1930s Chinese coral sculpture

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

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

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

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

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

28. Wide of antique clock stand

29. Wide of grandfather clocks, tilt down

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

31. Various of woman opening clock and chiming its bells

32. Wide pan left of show floor

The pound suffered one of its biggest one-day falls in history Friday, plummeting more than 10 percent in six hours on concerns that severing ties with the EU will hurt the U.K. economy and undermine London's position as a global financial center.

Authorities including the International Monetary Fund, the U.S. Federal Reserve and the Bank of England had warned Britain's exit would send shivers through a world economy that is only slowly recovering from the global crisis that began in 2008. Now economists will wait to see if their predictions come to pass.

Economists say the U.S. dollar will benefit from a weaker pound, but the worry is the plunge could spread to the euro, further weaking the economies of the European Union.

A weaker pound means that the cots of goods will be cheaper, allowing for an influx of U.S. dollars in the form orf tourism.

For British tourists in New York City, the reverse is happening. The overnight plunge made breakfast for Brexit supporters Jayne and Peter Waller more expensive. "So what. So What," said Jayne Weller.

The pound suffered one of its biggest one-day falls in history Friday, plummeting more than 10 percent in six hours on concerns that severing ties with the EU will hurt the U.K. economy and undermine London's position as a global financial center.

Authorities including the International Monetary Fund, the U.S. Federal Reserve and the Bank of England had warned Britain's exit would send shivers through a world economy that is only slowly recovering from the global crisis that began in 2008. Now economists will wait to see if their predictions come to pass.

Economists say the U.S. dollar will benefit from a weaker pound, but the worry is the plunge could spread to the euro, further weaking the economies of the European Union.

A weaker pound means that the cots of goods will be cheaper, allowing for an influx of U.S. dollars in the form orf tourism.

For British tourists in New York City, the reverse is happening. The overnight plunge made breakfast for Brexit supporters Jayne and Peter Waller more expensive. "So what. So What," said Jayne Weller.

AP TELEVISION

NEW YORK - June 24, 2016

1. Wide, Nasdaq exchange

2. Wide Times Square

3. SOUNDBITE (English) Beth-Ann Bovino, U.S. Chief Economist, Standard & Poor's:

"The drop in the pound against the dollar is huge, I believe it is a 30 year low. It's a huge impact on an already very strong dollar. And indeed you didn't just see it in the pound, I suppose, because possible worries that this Brexit vote could spread to other countries, you saw the euro get week as well."

4. News ticker announcing Brexit news

5. SOUNDBITE (English) Alan Valdes, senior partner, Silverbear Capital:

"From our standpoint the positives are, you know what? It's a great place to go on vacation, you're going to get a lot for your dollar, that's for sure. But the negatives for the average Britain, it's going to be tough. They could go back into recession. They were having trouble anyway. The same with the EU, their economies were weak. This is only going to weaken them a little more in the short term."

6. British tourists in Times Square

7. SOUNDBITE (English) Peter Waller, visiting from Yorkshire, England.

"We just used the credit card for breakfast this morning and I don't really know how much it cost. I know how much it cost in dollars but with the conversion rate to sterling I don't know what that will be."

Reporter: "It's going to be sticker shock when you get home."

Waller: "Probably, yeah."

8. Times Square

9. SOUNDBITE (English) Jayne Waller, Yorkshire, England.

Reporter: "Is this going to make you your trip more expensive?"

Waller: "It might do, but so what. So what."

10. Wide, Nasdaq exchange in Times Square

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

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

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

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

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

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

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

London - 4 October 2016

1. Entrance of CMC Market in the City of London

2. Various of screens showing live currency and stocks exchanges

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

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

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

5. Cutaways of Hewson

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

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

7. Various of people working in the office

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

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

The report helped put further pressure on the pound.

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

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

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

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

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

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

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

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

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

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

London - 11 October 2016

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

2. Various of screens showing live currency and stocks exchanges

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

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

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

5. Cutaway GBP/USD electronic sign

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

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

7. CMC Market sign

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

9. Mid of Russian and VTB bank flags

10. Pan down from Russian flag to VTB flag

11. Tilt up building to flags

12. VTB flag

The pound suffered one of its biggest one-day falls in history Friday, plummeting more than 10 percent in six hours on concerns that severing ties with the EU will hurt the U.K. economy and undermine London's position as a global financial centre.

Authorities including the International Monetary Fund, the U.S. Federal Reserve and the Bank of England had warned Britain's exit would send shivers through a world economy that is only slowly recovering from the global crisis that began in 2008.

Now economists will wait to see if their predictions come to pass.

Economists say the U.S. dollar will benefit from a weaker pound, but the worry is the plunge could spread to the euro, further weaking the economies of the European Union.

A weaker pound means that the cost of goods will be cheaper, allowing for an influx of U.S. dollars in the form of tourism.

For British tourists in New York City, the reverse is happening.

The overnight plunge made breakfast for Brexit supporters Jayne and Peter Waller more expensive.

New York - June 24, 2016

1. Wide tilt down, Nasdaq exchange

2. Wide Times Square

3. SOUNDBITE (English) Beth-Ann Bovino, US Chief Economist, Standard & Poor's:

"The drop in the pound against the dollar is huge, I believe it is a 30-year low. It's a huge impact on an already very strong dollar. And indeed you didn't just see it in the pound, I suppose, because of possible worries that this Brexit vote could spread to other countries, you saw the euro get weak as well."

4. News ticker announcing Brexit news

5. SOUNDBITE (English) Alan Valdes, senior partner, Silverbear Capital:

"From our standpoint the positives are, you know what? It's a great place to go on vacation, you're going to get a lot for your dollar, that's for sure. But the negatives for the average Britain, it's going to be tough. They could go back into recession. They were having trouble anyway. The same with the EU, their economies were weak. This is only going to weaken them a little more in the short term."

6. British tourists in Times Square

7. SOUNDBITE (English) Peter Waller, visiting from Yorkshire, England.

"We just used the credit card for breakfast this morning and I don't really know how much it cost. I know how much it cost in dollars but with the conversion rate to sterling I don't know what that will be."

(Reporter: "It's going to be sticker shock when you get home.")

Waller: "Probably, yeah."

8. Times Square and tourists

9. SOUNDBITE (English) Jayne Waller, Yorkshire, England.

(Reporter: "Is this going to make you your trip more expensive?")

"It might do, but so what. So what."

10. Wide, Nasdaq exchange in Times Square

Italy defender Giorgio Chiellini talked on Friday (24th June) about the upcoming last 16 tie against Spain at Euro 2016, his thoughts on the Brexit referendum and the future of former team-mate Alvaro Morata.

Giorgio Chiellini will be facing a familiar foe when his Italy side lines up against Spain in the last 16 of the European Championship in Paris on Monday.

Italy were humiliated 4-0 by Spain in the Euro 2012 final in Kiev, Ukraine, having lost on penalties to La Roja in the quarter-finals four years previously in Vienna.

They also lost to the Spanish in a shoot-out in the semi-finals of the 2013 Confederations Cup.

Chiellini is a stalwart in an Italy defence that kept Belgium's much-vaunted attack quiet and also shut out Zlatan Ibrahimovic's Sweden.

The spine of that defence has been playing together for years at both club and country level, with Chiellini, Andrea Barzagli, Leonardo Bonucci and veteran goalkeeper Gianluigi Buffon all team-mates at Juventus.

Spain striker Alvaro Morata, who scored three goals in the group stage, spent the past two years at Juventus before Real Madrid exercised its option to buy him back this week.

The news of Britain's decision to leave the European Union has become a topic of discussion for players at the European Championship.

Italy defender Giorgio Chiellini and his team-mates went to bed thinking Britain would vote to remain in the European Union and they were shocked to learn the country chose to leave.

"This vote is the symptom of a general discontent that you can feel in Italy and all across Europe, but I think that discontent shouldn't lead to a vote for disintegration", Chiellini said on Friday.

Italy defender Giorgio Chiellini talked on Friday (24th June) about the upcoming last 16 tie against Spain at Euro 2016, his thoughts on the Brexit referendum and the future of former team-mate Alvaro Morata.

Giorgio Chiellini will be facing a familiar foe when his Italy side lines up against Spain in the last 16 of the European Championship in Paris on Monday.

Italy were humiliated 4-0 by Spain in the Euro 2012 final in Kiev, Ukraine, having lost on penalties to La Roja in the quarter-finals four years previously in Vienna.

They also lost to the Spanish in a shoot-out in the semi-finals of the 2013 Confederations Cup.

Chiellini is a stalwart in an Italy defence that kept Belgium's much-vaunted attack quiet and also shut out Zlatan Ibrahimovic's Sweden.

The spine of that defence has been playing together for years at both club and country level, with Chiellini, Andrea Barzagli, Leonardo Bonucci and veteran goalkeeper Gianluigi Buffon all team-mates at Juventus.

Spain striker Alvaro Morata, who scored three goals in the group stage, spent the past two years at Juventus before Real Madrid exercised its option to buy him back this week.

The news of Britain's decision to leave the European Union has become a topic of discussion for players at the European Championship.

Italy defender Giorgio Chiellini and his team-mates went to bed thinking Britain would vote to remain in the European Union and they were shocked to learn the country chose to leave.

"This vote is the symptom of a general discontent that you can feel in Italy and all across Europe, but I think that discontent shouldn't lead to a vote for disintegration", Chiellini said on Friday.

Parc des Expositions, Montpellier, France. 24th June, 2016.

1 00:00 Defender Giorgio Chiellini arrives for news conference

2. 00:11 SOUNDBITE: (Italian) Giorgio Chiellini, Italy defender: (on the Round of 16 match against Spain)

"I'm anticipating a very balanced match, where one small detail can make the difference. There's mutual respect, certainly two different schools of football, but it will be a great match, too bad it will already happen at a last 16 tie, but that will be further motivation for us."

3. 00:40 Cutaway of news conference

4. 00:44 SOUNDBITE: (Italian) Giorgio Chiellini, Italy defender (on the current Spanish team compared to the squad of the 2014 World Cup):

"This is definitely a livelier team, they have found again the will to fight and to win. Then of course they have their own flaws, and we will try to take advantage of them, but they're not a dead team, we all have to realise that right now."

5. 01:05 Cutaway of Chiellini holding news conference

6. 01:08 SOUNDBITE: (Italian) Giorgio Chiellini, Italy defender (on the Brexit referendum):

"I think this vote is the symptom of a general discontent that you can feel in Italy and all across Europe, but I think that discontent should not lead to vote for disintegration. It should be instead a reason to get together and find a policy of unity to get out of these problems."

7. 01:40 Cutaway of Chiellini holding news conference

8. 01:43 SOUNDBITE: (Italian) Giorgio Chiellini, Italy defender: (on the Brexit referendum):

"Discontent can lead to vote for a change, even without any programme or logic behind, and I think that unfortunately this is what happened in the UK."

9. 02:02 Cutaway of news conference

10. 02:06 SOUNDBITE: (Italian) Giorgio Chiellini, Italy defender (on forward Alvaro Morata leaving Juventus to go back to Real Madrid):

"I'm happy for him. I hope that he will be able to stay at Real Madrid, because he deserves to be the striker of both the national team and of Real Madrid. I always said that to him as well, and I would be really sorry if he would be used as a commodity exchange, just to make money. Because he doesn't deserve that, and because he grew up within Real and cares a lot about Real, and I can't see how he won't play for Real for the next 10 years."

11. 02:49 Chiellini leaving at the end of news conference

DURATION: 02:59

Brexit. It's coming, but no one really knows what form it will take.

Prime Minister Theresa May plans to fire the starting pistol this month, leading to at least two years of complex negotiations between Britain and 27 other European Union nations with competing interests.

The results will redefine Britain's role outside the EU, transform immigration and trade laws, and affect everything from intelligence sharing to the classification of bananas.

Brexit hasn't happened yet; the formal process is about to begin.

But the June 23 referendum in which Britons voted to leave the EU is already having an immense impact on peoples' lives.

Not because of what they know about Brexit, but because of what they don't.

Five people -- three in Britain, two in continental Europe -- tell how they are coping with the uncertainty:

THE GERMAN ACADEMIC WHO IS LEAVING BRITAIN

German-born Henning Meyer and his German wife have lived in London long enough to easily qualify for British nationality.

And it's likely the British government will eventually decide to allow EU nationals already living in Britain to stay even after the divorce, so they could probably live here even without British passports.

But the Meyers are leaving.

They are building a small home in Berlin and selling their place just north of London.

They no longer feel welcome here and they believe London's role as a vital international hub will soon shrivel.

Meyer says that if he's not allowed to live in the UK as German, he no longer wants to be in the UK.

They took six months to decide to abandon Britain -- a move shaped by the belief that something fundamental had been altered in the tolerant, multi-cultural society they had embraced.

"It's not just the immediate reaction after the referendum," he said.

"You know everybody knows what happened to -- not me personally -- but Polish citizens or others who have been subject to abuse or even worse. So what also changed is how the referendum campaign altered the public discourse in this country. Because it was a shameful campaign and it has made stereotyping xenophobia mainstream."

He said some friends no longer feel comfortable speaking German with their children on London streets, and others try to conceal their Polish or German identities.

Meyer doesn't want to live that way.

THE LATVIAN STUDENT RUSHING TO GET TO BRITAIN - BEFORE IT'S TOO LATE

Katrina Rubina's dream is almost in her grasp. She fears Brexit will snatch it away.

The 18-year-old high school student's cherished goal - call it an obsession - is to study in Britain, a country with a proud tradition of academic rigour that regularly turns out skilled graduates who can compete in Europe's tight job market.

"I've been dreaming about studying in the UK for a long time, since I was 6 years old, purely because of Harry Potter. And right now if because of the Brexit, the student loans are cut, there are no more opportunities for people (from the EU) who were depending on these loans. Thus, my chance would be blown," says Rubina.

Her fear is that Britain's exit from the EU will shortly make it much harder for students from other European countries to study in Britain.

She anticipates many road blocks: New visa rules, rather than the border free travel Latvians and other EU citizens now enjoy, a hike in tuition for non-British students and, most importantly, a sharp cut in scholarships for EU students.

That's made getting to Britain a now-or-never proposition.

She and many other Latvian hopefuls are flooding British universities with applications - academic officials note a marked increase since the referendum.

She has been provisionally accepted at the Royal Holloway in London to study international business, but needs an excellent showing on her final round of exams.

Her counsellor has told her she must study still harder - competition has increased because so many students are trying to get to Britain before the rules change.

"That's all I worked for - to study in the UK. And if I cannot - it was all for nothing," she says.

THIS MAN OF STEEL SEES BETTER DAYS AHEAD - AND HE'S HIRING

John Reid & Sons is looking to hire six people at its structural steel factory in southern England - and managing director Simon Boyd thinks the 98-year-old company's expansion is a Brexit blessing.

He has argued for years that membership in the EU was holding Britain back because of a welter of regulations.

The day Brexit comes into full force, he says, will be the day when Britain is liberated from unwanted workplace rules and the capricious dictates imposed by the European Court of Justice.

He knows that in a legal sense nothing has changed, that the implementation of Brexit is at least several years away, but thinks the business climate has dramatically improved now that the end of EU regulation (over-regulation in his view) is in sight.

The midsize firm he runs is already reaping benefits - the falling value of the British pound sterling since the Brexit vote has helped its exports - and the company's largest ever expansion project is being planned in consultation with local officials.

Boyd, who started his career making tea and sweeping floors, says orders and inquiries for major projects increased after the referendum vote and expects they will shoot still higher in the coming years.

"I think government is in an excellent position to negotiate a really good deal with our European friends, and we can get out of this really damaging European Union, "says Boyd, who chafes at the way European workplace rules hamper his flexibility in a business that is cyclical by nature.

THE BRITISH RETIREE IN SPAIN: DON'T MAKE ME GO BACK

If Brexit means that retirees Karen and Peter Watling have to leave the Mediterranean coast of Spain to return to the dreary British Midlands, expect them to be kicking and screaming on the plane back home.

Their decision to retire in Spain after long careers in England made perfect sense - before Brexit.

They enjoy a reciprocal health care arrangement between Britain and Spain that allows them to receive free medical care and medication, which is crucial because Peter, 70, has a serious ailment.

Karen Watling doesn't expect the health care agreement between the two EU countries to survive the divorce, which would force them to seek government-sponsored health insurance in Spain or reluctantly move back to England.

"For us it would be a disaster because it would be well over 300 euros a month plus medication," she says of the insurance she would need in Spain. "We wouldn't be able to afford it."

Brexit has already hit their purchasing power.

Their pensions are paid in British pound sterling, which has, since the referendum, dropped by about 15 percent in relation to the euro used in Spain.

Karen Watling who is also 70 says she has been anxious and tearful since June 23.

She is angry at the government - believing that Brits living in other EU countries are being used as a bargaining chip - and mortified by what the referendum results say about the country where she worked as a teacher for decades.

"I am devastated to see how the UK has now become, "she says.

THE ITALIAN 'LONDONER' WHO SUDDENLY FEELS OUT OF PLACE - IN HIS OWN HOME

Brexit has cost him money, plenty of money each month as the cost of importing meats and cheese from Italy has risen because of the drop in value of the British pound.

But Gastronomica founder Marco Vineis seems most upset by Brexit's emotional pain, not its financial toll.

"I feel myself quite a Londoner, even if I wasn't born here," says Vineis, 52, in his salami and cheese filled deli, where the aroma of rich Italian espresso lingers.

"Now I feel myself a bit of a foreigner. So, this feeling I don't like it a lot. This is after 25 years I've been here."

With the current exchange rate of the pound against the euro, in "three years we need to close," he says, or change the business by replacing tomatoes and pecorino with scallops and cheddar.

London, UK – 17 February 2017

1. London School of Economics academic, Henning Meyer walking into office

2. Hands on keyboard mouse

3. Meyer's own picture of Berlin on his computer

4. Various Meyer looking at his photos of Berlin

5. Photos being scrolled through

6. SOUNDBITE (English) Henning Meyer, London School of Economics academic:

"It's just the feeling that the mood has changed. It's not just the immediate reaction after the referendum - you know everybody knows about what happened to, not me personally, but Polish citizens or others who have been subject to abuse or even worse - so what also changed is how the referendum campaign altered the pubic discourse in this country. Because it was a shameful campaign, in my view, and it has made stereotyping xenophobia mainstream."

7. Cutaway of hands

8. SOUNDBITE (English) Henning Meyer, London School of Economics academic:

"In the cold light of day it is clear that the best decision for us in the medium to long-term - even though in the short-term it might be more disruptive - is moving back to Berlin."

9. Various of Henning looking at photo of plot of land he has bought in Berlin

Riga, Latvia - 17 February 2017

10. Various of English class at Riga State 2nd Gymnasium

11. Close of Katrina Rubina

12. Pan of class

13. Rubina exiting classroom

14. SOUNDBITE (English) Katrina Rubina, 18, student hoping to study in UK:

"I've been dreaming about studying in the UK for a long time, since I was six years old, purely because of Harry Potter. And right now if because of the Brexit, the student loans are cut, there are no more opportunities for people (from the EU) who were depending on these loans and thus, my chance would be blown."

15. Girl holding a University of Edinburgh bag

16. Rubina talking to classmates in the corridor

17. SOUNDBITE (English) Katrina Rubina, 18, student hoping to study in the UK:

I've worked every single test and doing all these extra curriculars, and right now, kind of, all was useless if I cannot study there anymore. Because that's all I worked for - to study in the UK. And if I cannot - it was all for nothing."

18. Various exteriors of Riga State 2nd Gymnasium

Bournemouth, UK - 28 February 2017

19. Pan interior of John Reid and Sons steel factory

20. Various of steel welding

21. Various set ups of John Reid and Sons managing director, Simon Boyd

22. SOUNDBITE (English) Simon Boyd, Managing Director, John Reid and Sons:

"It was pretty clear after Mr Cameron's failed attempts to negotiate a better deal with the EU that we weren't going to get anything that worked for me, my family, my business, my employees and indeed the vast majority of people in the UK and now I think we have to support government. I think government is in an excellent position to negotiate a really good deal with our European friends, and we can get out of this really damaging European Union."

23. Cutaway tilt down face

24. SOUNDBITE (English) Simon Boyd, Managing Director, John Reid and Sons:

"I'm a businessman, I care about this company, I care about our industry, and I care about everybody in the country to be honest, no matter where you come from. The fact of the matter is that politicians will argue black is white, day in day out. We have to deal with the facts. It's us that have to bear the burden of regulation. It's us that have to cope with the stresses and anxieties that all this regulation places not only on us who run the business but on our employees, and a one size fits all approach, which is what the European Union has done with British business has been really bad for us."

25. Various steel cutting

26. Forklift operating

Torrevieja, Spain - 1 March 2017

27. Wide Torrevieja beach

28. Mid people walking on the beach

29. Mid people in a bar terrace

30. Close menu sign in English

31. Various set up shots of Karen Watling, a UK pensioner from Yorkshire

32. SOUNDBITE (English) Karen Watling, UK pensioner living in Spain:

"For us it would be a disaster because it would be well over 300 euros a month plus medication, we wouldn't be able to afford it."

33. Close up of hands

34. SOUNDBITE (English) Karen Watling, UK pensioner living in Spain:

"We didn't leave the United Kingdom because we didn't like it, we left it because we thought we would have a better retirement in a warmer place and that's true. We are quite happy here. The UK is still my home country. And I am devastated to see how the UK has now become."

35. Mid food sign in English

London - 16 February 2017

36. Exterior of Gastronomica Italian deli

37. Various of customers, produce in background

38. Various of deli items

39. Various of Italian restaurateur and food importer Marco Vineis preparing sandwich

40. SOUNDBITE (English) Marco Vineis, Italian restaurateur and food importer:

"I feel myself quite (a) Londoner, even if I wasn't born here. Now I feel myself a bit of a foreigner. So, this feeling I don't like it a lot. This is after 25 years, I've been here, I feel London as it is my house, almost."

41. Cutaway hands

42. SOUNDBITE (English) Marco Vineis, Italian restaurateur and food importer:

"I hope the pound must be at least over the 1.15 (to the euro) otherwise it's going to be... if it carries on for 10 years at 1.10, after three years we need to close. Or change our business. Having English product. So, if we are very keen on these zero kilometres product, perfect. We can do it. Tomorrow we can buy, I don't know.... scallops, cheddar..."

43. Staff preparing food

44. Plate of mozzarella and tomato salad

The British pound steadied in morning trading on Wednesday after an initial dip following the British parliament’s resounding rejection of Prime Minister Theresa May’s Brexit deal.

The result of the vote came as little surprise to traders, with the deal having been widely predicted to be rejected, and some analysts believe consequences in a potential delay of a withdrawal from the European Union could inject markets with a level of optimism.

What comes next will, however, be crucial.

"Time does tick on and if we do start to see that we can't get a deal through the House (of Commons) and we're not going to get an extension of Article 50, we could see that it starts to drop again," said Michael Baker, a market analyst in London.

A no-deal scenario on the 29 March, the planned withdrawal date of Britain from the EU, could see the pound drop to "the sort of lows we've not seen in many, many years," Baker said.

Carsten Brzeski, chief Economist DIBA bank in Frankfurt, said that scenario would not only cause market turmoil but cause a further slowdown of the European economy.

London, UK - 16 January 2019

1. Various of currency traders

2. Various set-up shots of analyst Michael Baker

3. SOUNDBITE (English) Michael Baker, analyst at ETX Capital:

"After we saw the vote come out, which was a historic defeat, we saw Sterling drop immediately. A knee jerk reaction. But it was only a very brief one and we've seen Sterling push back up and reach levels against the Euro that we've not seen since November. This is on the back of possible optimism on a delay of the deal or a possible renegotiation or even, you know, the possibility now of putting the vote back back to the public. All these different ideas are just trying to distract from the possibility of a no-deal."

4. Various of traders

5. SOUNDBITE (English) Michael Baker, analyst at ETX Capital:

"The next few weeks is going to continue as it has been, it's been so volatile, it's you know, it is moving in a sideway range, it's not depreciating as much as you, know has, it has been in the past. It is stabilized but on the low, it's just waiting for some sort of positive reaction or some sort of reaction from you know, some sort of deal, some sort of agreement between the two parties. But time does tick on, and if we do start to see that, you know, we can't get a deal through the House (of Commons), and, you know, we're not going to get an extension of Article 50, we could see that it starts to drop again."

6. Various of traders

7. SOUNDBITE (English) Michael Baker, analyst at ETX Capital:

"The worst case scenario for Sterling would be to continue on and not come to an agreement and push on to the 29th of March 11 p.m. without a deal. So we would sever all contact with the EU in terms of trade and all these previous agreements we have . It'd be probably a jump into the unknown here and you would see Sterling continue to drive in the fashion it has done over the last couple of years, start to push on to new lows, all time lows and the sort of lows we've not seen in many, many years."

8. Various of traders

Frankfurt, Germany - 16 January 2019

9. Various of trading floor at Frankfurt stock exchange

10. SOUNDBITE (English) Carsten Brzeski, chief Economist DIBA bank:

"The closer we get to the scenario of a no-deal Brexit by the end of March, obviously, we'll get market turmoil, we’ll get a weaker Pound Sterling and we will also see that this will hit the European economy. Well, let's say, when you just look at the fact that the European economy should be able to digest a no-deal Brexit at least temporarily, but given that we are currently in a slowdown period of the European economy, we could see that this will hit confidence that the temporary negative impact from a no-deal Brexit scenario could actually lead to a self-fulfilling prophecy and could then in turn actually lead to a further slowdown of the European economy, which means that a no-deal Brexit scenario would clearly be a lose-lose situation for both the UK and the European economy."

11. Cutaway

12. SOUNDBITE (English) Carsten Brzeski, chief Economist DIBA bank:

"Funny thing, the pound actually appreciated vis-a-vis the Euro, but honestly I think it doesn't make sense to read anything in short -term market reactions because the base case assumption was that the deal would not go through the British Parliament last night. So this was fully priced in. I think really the most interesting part will be what's going to happen in the next couple of weeks and there markets, I think, have clearly underestimated the risk of a no-deal Brexit by the end of March."

13. Various of trading floor

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

London - 9 November 2016

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

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

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

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

4. Various cutaways of Michael Hewson

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

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

6. Various of market boards

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

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

8. Various of the Euro versus USD

9. Close up on USD losing against the Japanese Yen

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

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

11. Various of CMC Markets office

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

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

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

London - 14 March 2019

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

2. Screen showing stock indexes

3. Close of Baker

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

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

5. Analyst sitting at desk looking at multiple screens

6. Various of screens showing currency index

7. Wide of office

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

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

9. Various of office, analysts looking at screens

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

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

11. Wide of office block

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

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

London - 10 June 2017

1. Various of traders at IG

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

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

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

4. Cutaway

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

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

6. Cutaway

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

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

8. Trading floor

The British pound surged against other major currencies on Thursday after confirmation that the UK and the European Union have agreed a departure deal.

The deal still has to be ratified by all member countries and their parliaments.  

Earlier the pound was down against the dollar and the euro in early trading, but ETX Capital analyst Michael Baker said it was still significantly higher than it was before hopes of a deal suddenly rose a week ago.

The drop in sterling came after Northern Ireland's Democratic Unionist Party cast doubt on whether it could support the latest proposals for an agreement.

But Baker said markets were still optimistic that a deal would be done.

London - 17 October 2019

1. Wide of ETX trading floor

2. Michael Baker, senior analyst for ETX Capital, looking at computer screens

3. Close up of Baker's hand holding a computer mouse

4. Close up of screen showing sterling against the US dollar

5. TV screens

6. Close up of screen showing sterling against the US dollar since the 2016 Referendum

7. SOUNDBITE (English) Michael Baker, senior analyst for ETX Capital:

"The pounds enjoyed a nice rally for the last week, it's up 5 per cent. Overnight, we have seen a very small pull-back. Today sees the start of the EU summit, the 2-day summit, where they were supposed to be discussing the deal agreed between Boris Johnson and the EU. There are some sticking points as we saw with Theresa May's deal. The DUP have actually come out and said they can't support the current proposals so it looks like there will be some more negotiations taking place in order to have something on the table ,and for parliament to debate on Saturday to get something through before 31 October."

8. Various of Baker at computer

9. Screen showing sterling against the Euro

10. SOUNDBITE (English) Michael Baker, senior analyst for ETX Capital:

"Well it's a small pull-back, considering we were trading at 1.22 (dollar to the pound) levels only a few weeks ago, now we are at 1.27 - and there is still optimism there. The main sort of factions of the anti-deal that Theresa May put through - the European Research Group and the DUP - it seems the European Research Group may be on board with this. So there is optimism on this that could sway a lot of members in the House to pass a deal but we still don't know, it's still going to go down to the wire. People are still going to be looking at what the key differences are between Theresa May's deal and Boris Johnson's deal and we are going to see some more volatility in the sterling."

10. Various of traders

11. TV screen

11. SOUNDBITE (English) Michael Baker, senior analyst for ETX Capital:

"It's looking likely that there's possibly going to be an extension here. We've got the Hilary (Benn) Act, which requires the Prime Minister to seek an extension or accept an extension if it's offered, that seems to be the most likely outcome at the moment. But with the European Research Group being against Theresa May's deal before, and now coming out and not seeing that sort of opposition now, it's possible that you could get the votes through for anything that's agreed between the United Kingdom and the EU over the next few days. It's all up in the air, it's all in balance, there's still scenarios where a no-deal can happen if no extension is offered and we get to the 31 October with nothing in place."

12. Traders working

13. TV screen

14. Traders working