The Bank of England has kept interest rates at an all-time low of 0.5% since March 2009, but this is about to change. Central Bank governor Mark Carney has revealed that the base rate is set to rise, and the new rates may come into force before the next election [0].
While borrowers can expect to pay more for their mortgages, credit cards or loans, they may be able to negotiate better rates if they have a good credit rating (you can find out yours here - http://www.creditexpert.co.uk/credit-rating.aspx [1]).

The 0.5% base rate was first introduced in an attempt to stimulate the flagging British economy in the immediate aftermath of the financial crisis. The idea was that the banks would be able to borrow funds more cheaply from the Bank of England, and they would then pass these savings on to their customers by offering better lending rates. To a certain extent, this has been successful. People have started borrowing again, the housing market is performing well and the economy is gradually picking up. As a result, emergency economic measures are not needed any more.

According to Carney, the plan is to gradually bring rates back up to a "new normal" of 2.5% by 2017. Analysts and economists have suggested that the rates will rise in 0.25% increments, with the first increase happening by the end of this year [2]. primary source [3] indicates.

Experian can help borrowers to assess their current credit rating and offer advice on how to improve it. A high credit rating means that you are more valuable to your bank, and this puts you in a powerful position when you are discussing new rates.