What happened the last time there was an interest rate cut?
It’s been seven years since the Bank of England decided to cut interest rates to 0.5% in March 2009. But can you remember what life was like? We take a quick trip down memory lane.
Gordon Brown was Prime Minister.
You are likely to have received a Farmville request to join 62 million other people worldwide to play a ‘farming simulator’.
Susan Boyle, or SuBo, announced herself to the world on Britain’s Got Talent. Later that year Joe McElderry won X-Factor.
At the time of the rate cut Kelly Clarkson was number one in the charts with My Life Would Suck Without You. The Prodigy’s “Invaders Must Die” topped the album chart. Poker Face by Lady Gaga would be the year’s best selling single.
In the same year, if you were going to the cinema, you’d have been watching Avatar, The Hangover or Slumdog Millionaire.
Manchester United had just beaten Spurs in the Carling Cup. They would also go on to win the Premier League that year but lose to Barcelona in the Champions League final. Roger Federer and Serena Williams are crowned king and queen of Wimbledon. In the Boxing ring Manny Pacquiao beat Ricky Hatton in two rounds while Jensen Button won the F1 Championship with Brawn-Mercedes.
A month later and the UK had its first two cases of confirmed Swine Flu. Following a love story of nearly four years Jordan and Peter Andre announced they were separating. Oasis also decided to go their separate ways – or to be precise, fall out with each other.
Later that year, at the MTV awards, Kanye West famously interrupted Taylor Swift (with the famous quote ‘Imma let you finish’). On TV you may have started to sing along while watching the first season of Glee. Russell Howard’s Good News and Total Wipeout also made their TV debuts.
Tiger Woods admitted to having ‘transgressions’ in his marriage and crashed his car.
Celebrity deaths included Michael Jackson and Patrick Swayze.
The build of the world’s tallest building, the Burj Khalifa, had been completed in Dubai.
The Twighlight novels and The Girl With The Dragon Tattoo were some of the top-selling books of the year on Amazon.
Call of Duty: Modern Warfare 2, Unchartered 2: Among Thieves and Batman: Arkham Asylum were among the best-selling video games of the year.
What has happened since the last Bank of England interest rate cut in 2009?
A lot can happen in seven years. Here’s a snapshot of things that have happened since.
The UK had its first Hung Parliament since 1974.
High Definition broadcasts have become the norm.
WhatsApp, Uber and Instagram launched Apps in 2010. Candy Crush followed two years later.
Contactless and mobile payments came in to being.
Netflix launched in the UK.
Apple launched the iPad and Siri.
Orange and T-Mobile merged to become EE.
Same-sex marriages in the UK became legal and the equality act came in to effect – meaning equal treatment in access to employment and services regardless of gender, race, health, disability, sexual orientation, belief and age.
Automatic enrolment on workplace pension schemes started.
Leicester City were in the Football League Championship.
Bradley Wiggins was the first British man to win the Tour de France.
Comet, JJB sports, Borders, Blockbuster and Phones 4u are just some of the brands that have vanished from the high street.
There’s more that we’ve probably missed such as Flappy Bird, ice bucket challenges and other poignant moments in the last seven years. You could always switch on your iPad and do some research on it. But if you’d prefer to chill you could just stick some Netflix on.