[7] One contributing factor is improved health. People are working longer because they can, both because of their own health and also because the nature of work has changed over the years towards services and away from manual work, which means most people are in less physically demanding jobs.
We estimate that the funding cost relief and capital relief associated with these measures – the combination of which amplifies their individual effects – will increase loans to non-financial corporations by more than 5 percentage points over the period 2020-22; in particular, we expect our targeted longer-term refinancing operations to add 3 percentage points to loan dynamics cumulatively by 2022[1] .