Pound rises to its highest level since the Brexit referendum

Democrats will hold Congress but President Donald Trump still has the power to block their plans.

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.

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 .

Gordon Brothers will meet Jonathan Reynolds on Wednesday as the investment firm faces scrutiny over Poundland.