The Guardian interviews Clare Lombardelli, the Bank of England's deputy governor, who warns that young Britons are bearing the brunt of a 'low-gear economy': employers freezing hiring but not firing, hurting newcomers to the jobs market in sectors like retail and hospitality. Youth unemployment has hit its highest level outside the pandemic since 2015, nearly a million young people are not in education, employment or training, and Lombardelli says a further rate rise in December is plausible.