Baby boomers are enjoying a second bite of the economic cherry | Larry Elliott

While older Britons have enjoyed two spending booms, millennials have been squeezed by flat incomes and rising housing costs

Philip Larkin famously said life was never better than in 1963, between the end of the ban on Lady Chatterley and the first Beatles LP. The former poet laureate was wrong. As far as younger people were concerned, it was just the start of a spending boom that went on for the rest of the century.

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