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2026-07-30 23:42:57
[Bank of England Governor: Young People Bear the Main Blow of the "Low Hit, Low Fire" Economy] Bank of England Governor Andrew Bailey described the UK economy as a "low hire, low fire" economy, explaining why more and more young people are struggling to find work, with the unemployment rate among 16-24 year olds currently at a more than ten-year high. The lack of mobility in the labor market is "really very difficult for those who are unemployed and trying to enter the labor market." There are initial signs that some employers are using artificial intelligence (AI) to replace human labor needs. However, he dismissed this as the main reason for the weak labor market, cautioning that "it's still in a very early stage."
