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Elon Musk's millions failed to deliver Republican wins in fierce midterms

Photo: BBC

Americans are electing members of Congress, which is made up of the House of Representatives and the Senate. All 435 House seats are up for election. In the Senate, only 35 of 100 seats are being contested because senators serve six-year terms. This results tracker shows both the races being decided now and the 65 seats that are not up for election this year - 34 held by Democrats and 31 by Republicans.

Elon Musk spent almost $450m (£334m) – more than anyone ever has in an election cycle – to back Republican political candidates in the US midterm races. It was not enough to keep Democrats from a resounding victory .

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BIZBBC News

Pound rises to its highest level since the Brexit referendum

The pound has risen to its highest overall level since the Brexit referendum over a decade ago. Sterling has risen notably in recent weeks against the euro and the dollar, ahead of an expected rise in interest rates. The most-watched measure of the value of the British currency against a basket of 18 of the world's main currencies this week reached its joint highest level since the June 2016 referendum, according to Bank of England figures.

BIZBBC News

Interest rates expected to rise for first time in over three years

Policymakers at the Bank of England are expected to raise interest rates on Thursday in what would be the first increase to the benchmark rate for more than three years. Most analysts are predicting an rise from 3.75% to 4% in a move that would increase the cost of borrowing for individuals and businesses, but boost savers. The Bank rate has fallen from its 2023-24 peak of 5.25%, although the Bank's Monetary Policy Committee (MPC) has left the rate unchanged at its last six meetings.

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