On Thursday, Mark Carney, Governor of the Bank of England, announced that the Bank of England base rate will likely rise to 2.5% from 0.5% over the next three years. This rate is the rate which other banks and building societies base their own borrowing rates on.
For savers, this is good news, as those with savings accounts could see higher returns, but what about borrowers? In short, borrowers could be faced with higher repayments as the interest rates rise. People with credit card or other unsecured debts will face higher monthly bills...Read More