Young people in UK hit by ‘low-gear economy’, warns Bank of England deputy

Young workers in Britain are facing higher unemployment as the Bank of England’s deputy governor warns that the Middle East conflict is driving up energy costs and dampening economic prospects. The deputy governor for monetary policy highlighted how the war’s impact on energy prices is contributing to a rise in youth joblessness. The report suggests that employers are hesitant to hire amid the uncertain economic climate.

Exclusive: Iran war has fuelled energy price rise and clouded outlook, driving up unemployment, says Clare LombardelliYoung people in Britain are bearing the brunt of a “low-gear economy” as employers hold back from hiring amid the fallout from the war in the Middle East, a deputy governor of the Bank of England has warned.Clare Lombardelli, the Bank’s deputy governor for monetary policy, said the unfolding conflict, which has triggered a surge in energy prices and clouded the outlook for the economy, was contributing to an increase in youth unemployment. Continue reading...