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Here’s What the World Looked Like the Last Time the BOE Raised Interest Rates

Steve Jobs with his new gadget in January 2007. It had an mp3 player, internet capability and a 2 megapixel camera.

Steve Jobs with his new gadget in January 2007. It had an mp3 player, internet capability and a 2 megapixel camera.

Photographer: TONY AVELAR/AFP
Corrected

The Bank of England just raised its benchmark U.K. interest rate for the first time since July 5, 2007, raising the cost of borrowing for British banks and potentially increasing the cost of mortgage payments for millions of homeowners.

Here’s a look at what the world was like the last time rates went up.