The Economy: 5 things you need to know this week

Although daydreams of St Tropez and St Lucia may be clouding your mind at work, there’s still no reason to let things slip as you buy your swimming trunks and book your flights. We’ve taken the financial news and sorted the wheat from the chaff, picking up those important snippets of info you can’t be without.

Black Gold,

Wars are always bad news. However, ISIS’s seemingly unstoppable march to Baghdad seems to have had little effect on world oil prices. Although fighting has reduced oil production in the countries oil fields, the current price of Brent Crude Oil stands at $113.30 a barrel, a reduction from last weeks price. With predictions that prices could increase later in the week, the market awaits awaits China’s latest manufacturing figures. In short; less money on petrol, more money on cigars.

All the way to the top

It’s been a busy week for everyones favourite Central Banker. In his Select Committee hearing and recent Today Programme appearance, Mr Carney bucked the predictions made by most senior economists, that interest rates could rise sooner than expected. Inflation free growth is still the Bank’s main target and Carney has insisted that rate increases must be “gradual and limited”. Yes gentlemen, that penthouse in Chelsea may be off the cards for the time being, but oh boy is Mark going to help you get it.

Pimm’s and Pounds

So far, it’s not been the best of summers for British sport. But it’s not just strawberries and cream being devoured as the nation buckles down to watch Murray storm his way to the final. With an estimated £74 million in sponsorship deals from his win last year, Murray’s victory could potentially inject around £100 million into the UK economy, as Pimm’s and Schweppes fly off the shelves. Lanson, the Official Champagne supplier to the tournament, are even estimating a record year if Andy makes it to the grand finale, even more reason to cheer him on this year.

Should I stay or should I go?

, With the appointment of Jean-Claude Junker as European Commission President, the debate on whether or not to stay in the EU looks set to continue. However, in a recent interview with The Observer, John Cridland, Director General of the Confederation of British Industries stated that leaving the EU “simply wouldn’t work” for Britain. “The EU is our biggest export market and remains fundamental to our economic future” he added, whilst insisting that our membership “supports growth” and “boosts jobs”. Looks like Dave’s going to have to get more than a few boxes of Belgian Chocolates for Mr Junker.

Haggis hits the Big Apple

Finally, after four decades, the US Government looks set to lift its restriction on UK based imports of haggis. Originally banned by the US Food & Drug Administration in 1971 due to health concerns over the “sheep’s lungs” that form the bulk of Scotland’s national dish, the Environment Secretary looks set to meet with his US Counterpart next week to discuss lifting the ban. With an estimated worth of £15 million to the UK economy, there’ll be no end of Haggis burgers in LA and NYC.