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

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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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Berlin - 6 July 2016

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

2. Photographer

3. Journalist looking at press release

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

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

5. Journalist taking notes

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

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

7. Camera

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

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

9. Wide of presser

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

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

11. Wide of Schaeuble shaking hand of moderator

12. Schauble leaving press conference

RESTRICTION SUMMARY: AP CLIENTS ONLY

SHOTLIST:     

ASSOCIATED PRESS - AP CLIENTS ONLY

London - 4 September 2019

1. Various of traders at computers at IG

2. Screen showing pound

3. Various of traders

4. Set up of Chris Beauchamp, Chief Market Analyst at IG

5. Screen showing sterling in last 24 hours and its rebound after the threat of no-deal Brexit dimmed

6. SOUNDBITE Chris Beauchamp, Chief Market Analyst at IG:

"Well it might be odd to a lot of people given what we've seen in parliament but the pound has actually rallied over the past day or so. Admittedly from its lows not just for the year but almost in over three years since the referendum and expectations that no-deal is now much less of a possibility. I think off the back of last night's motion in parliament those hopes might be misplaced but certainly at the moment the pound is taking its time to push higher in the short term at least perhaps we'll see that reverse in due course. But certainly I think given admittedly after a big move over the past week we have seen that rebound in the short term."

11. Cutaway of screen showing sterling's movements in the last 12 months

12. Beauchamp looking at screen

13. SOUNDBITE Chris Beauchamp, Chief Market Analyst at IG:

"Well I think as the initial euphoria fades if you like I think you might then start to see it lose ground further really. This has been just one day I think in a long parliamentary battle. We have further votes today into the rest of the week so it raises the possibility of no-deal reverse if you like and come back to be much more a possibility which will undoubtedly put pressure on the pound. I think if the country goes to election it's much more difficult to look to what happens next. And in that sense you'll see the classic sort of uncertainty begin to hit the currency again."

14. Screen showing sterling's movements since the 2016 EU referendum

15. SOUNDBITE Chris Beauchamp, Chief Market Analyst at IG:

"I think if we do get an election called I think you'll see again continued strengthening of standing in the very short term. I think there'll be close reading of the polls and expectations of how the parties will campaign. If you get a firm conservative majority that's certainly, that will bring no-deal back to the table, it will be negative for Sterling. I think markets are still worried about obviously a Labor majority government. But that seems fairly unlikely at the moment with their relatively low polling for the Labor Party at the moment. Now given what happened in 2017 we shouldn't assume anything from the polls but it looks less likely that Jeremy Corbyn will be able to form a government on the basis of current polling."

16. Various of traders

STORYLINE:

The pound gained Wednesday after UK Prime Minister Boris Johnson lost a vital vote Tuesday that reduced the risk of a no-deal Brexit on October 31.

The pound was up 1.6 per cent from Tuesday's low.  

It started at 1.21 cents to the US dollar at 7am Wednesday.

Since the 2016 Brexit referendum, the pound is down 16 per cent against the US dollar.

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The pound came under pressure on Wednesday after UK Prime Minister Boris Johnson announced plans to suspend parliament for 5 weeks before the Brexit deadline on October 31.

Queen Elizabeth II approved the move later Wednesday.

Johnson's political opponents now have even less time to block a no-deal Brexit before the withdrawal deadline.  

The pound sold off sharply, falling by more than a cent against the US dollar to a 6-day low of 1.22 US dollars and to 1.096 against the Euro.

London - 29 August, 2019  

1. Various of traders looking at screens and graphs showing sterling's fall

2. Set up of Michael Baker, financial analyst at ETX Capital, looking at screens

3. Hands on keyboard

4. ETX Capital sign

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

"So we've seen a reaction in cable this morning with the pound against the dollar. We've seen a drop of 1 per cent and Brexit sensitive stocks have also been hit as well. So they've gone down 1 per cent as well. Where this leaves us now - the chances of a vote of No Confidence in the government has increased significantly. Now this could be that (UK Prime Minister) Boris Johnson is playing a hand and wants parliament to take this vote because effectively if he wins it he can continue doing what he is doing. But if he loses it there could be a general election. And the chances of a general election being held before 31st October are quite slim so there may now be an increased chance of Article 50 being extended."

6. Traders looking at screens

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

"Coming out of the EU without any sort of agreement is a leap into the unknown, it's something that has not happened so they (the markets) would want some sort of formal agreement some sort of trade relation to continue. Now the reaction this morning wasn't that significant, it was more of a knee-jerk reaction so it's kind of looking that things are already priced in and that no deal is a 45 chance that's its going to happen. Now that the EU can see that no deal is on the table and a real threat, it's possible now that they will come up with some sort of agreement to counter this so even though the chances of no deal have increased the chances of them coming together because of this outcome looks likely as well."

8. Traders looking at screens

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

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

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

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

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

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

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London - 18 April 2017

1. Various of traders at computer screens

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

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

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

4. Cutaway

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

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

6. Cutaway

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

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

8. Cutaway

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

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

10. Various of traders