Young middle-class Brits squeezed as wages fail to keep up with rising prices, report reveals
The OECD warns the middle class looks like a 'boat in rocky waters' as sky-high housing prices and other soaring costs are shuttering millennials out of the lifestyle
MIDDLE-CLASS Brits are being squeezed as wages fail to keep up with rising prices, a report yesterday revealed.
Sky-high house prices and other rising costs are shutting younger Brits out of the middle class lifestyle, the OECD warned.
The report, entitled Under Pressure - The Squeezed Middle, looked at the pressures facing the middle class across developed countries.
Launching it, OECD Secretary-General Angel Gurría warned: “Today the middle class looks increasingly like a boat in rocky waters.”
The OECD said a thriving middle class is crucial to any booming economy.
But a decade after the great financial crash, people’s pay packets have still not recovered and they are being saddled with debt.
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Just 60 per cent of millennials make it into the middle class, compared to 70 per cent of baby boomers.
The organisation said ministers take immediate action to help the squeezed middle, including tax cuts for workers.
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