Millennials being squeezed out of middle class, says OECD

Thinktank says middle-income group has shrunk across 40 developed countries

Millennials in advanced economies around the world are being squeezed out of the ranks of the middle class, including in Britain, as pay growth stalls and house prices skyrocket, according to the OECD.

The Organisation for Economic Co-operation and Development (OECD) said that for every generation since the baby boom of the 1940s, across 40 major countries, the middle-income group had shrunk and its economic influence weakened.