However, of those working part time, around one-quarter would like to work more hours than they do; on average, they are seeking an extra two days a week. If we account for this, these extra hours are equivalent to around 3 per cent of the labour force.
The cost of borrowing for firms and households is also clearly rising. So far, bank lending to firms remains robust, reflecting the need to finance high production costs, working capital and inventories. But mortgage lending to households is already moderating because of tighter credit standards and decreased demand.