The BoE typically moves in 25 BP increments. I would expect any variable rate debt payments to immediately go up by at least 1/4 of one per cent on announcement of a change in the policy rate. However, I would expect that deposit rates will go up with a lag and by less than the full amount, because this is how Banks now behave.
I’m unconvinced that rates will rise in the period before Xmas although the BoE may have no choice. A lot of the current inflation has been imported via the weaker pound. Talking tougher usually causes sterling to strengthen, but further weakening of sterling in the light of Brexit/Govt wobbles will almost certainly lead to an increase in interest rates.
Given that nominal fixed term deposit rates are currently 1.7-2.1% ish with decent lenders for 3-5 years so that you are making at best a small loss in real terms, I cannot see 3% for a long while unless you are taking on risk or very long maturities AND the shit really hits the fan. One-year yields are so poor relative to inflation that you may as well not bother.
Paying off debt or taking on risk is the better option in my view but I’ve not looked at the UK market much at all. The names showing >1.5% for a one-year deposit on the www would not get my money as they have horrendous risk profiles. I invest my surplus income overseas as I am unlikely to retire in the UK and have my assets in Oz for historical reasons. I am only buying pension credits here.