This morning's interviews with Chancellor Rachel Reeves and brand new Tory leader Kemi Badenoch - the two people who have dominated this week's politics - are now over.

If you're just joining us, here's what you missed:

Rachel Reeves, Chancellor of the Exchequer :

• Pushed on the rise to National Insurance for employers, Reeves says it's not possible to raise £40bn without raising some taxes
• Raising NI wasn't on the agenda before the election, she says, but Labour had to make "difficult choices"
• The chancellor claims the Tories cut employee NI without the money to do so, but she hasn't reversed this cut because it would be a "direct breach" of the Labour Party manifesto
• She says the government is "getting a grip on day-to-day spending" to boost growth and investment and says the International Monetary Fund gave them a "clean bill of health"

Kemi Badenoch, Conservative Party leader:

• Asked about what went wrong under under Boris Johnson's Conservative government, Badenoch says Partygate - when Johnson misled MPs that Covid rules had been followed at all times in Downing Street - was "overblown"
• She says a "loss of public trust" is to blame for the party's election defeat, but wants to now focus on the future
• Badenoch says she would reverse the Budget's hike on VAT on private schools
• She doesn't answer whether she would reverse Reeves' employer NI increase, but calls Reeves' plan "economically incoherent"

If you missed out on any of the action, you can click Watch & listen above or head to BBC iPlayer. You can read a summary of Kuenssberg's conversation with Rachel Reeves here and you can read more about her chat with Badenoch here.

Thank you for tuning into our coverage today. See you next week!

The Bank of England (BoE) is expected to cut interest rates again after their November meeting on Thursday. The last cut came in August, when the rate went from 5.25% to the current 5%.

Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.

Forecasts ahead of the publication of Rachel Reeves's Budget suggested the new measures could lead to higher inflation over the coming year.

It comes as the prices in the UK went up by 1.7% in the 12 months to September, the lowest rate in three-and-a-half years.

• For context, the BoE has a target to keep inflation at 2%, and puts interest rates up and down to try to meet it.

Reacting to this morning's interview, Labour Party chair Ellie Reeves has criticised Kemi Badenoch's claim that Partygate was "overblown".

"Listening to Kemi Badenoch dismiss Partygate as "overblown" will add insult to injury for families across Britain who followed the rules, missing loved one's deaths and family funerals, whilst her colleagues partied in Downing Street," she says.

Badenoch's first day as Conservative Party leader proves the Tories "haven't listened and they haven't learnt", Reeves, who's the younger sister of Chancellor Rachel Reeves, adds.

• For context, Partygate refers to when former prime minister Boris Johnson misled MPs about Covid rules being broken at Downing Street.

Before interviewing the new Tory leader this morning, Laura Kuenssberg was joined by Chris Mason and Henry Zeffman on the most recent Newscast episode to bring us reactions to Kemi Badenoch's victory yesterday.

The panel talk through the historic moment of the first black leader of a major Westminster party, as well as take a closer look at her victory speech and upcoming priorities.

You can listen to their analysis on BBC Sounds.

Image source, PA Media

Away from Sunday With Laura Kuenssberg for a moment, to a Budget proposal which wasn't mentioned on this morning's show.

The Unite union is asking the government to reverse its decision to cut the winter fuel payment for millions of pensioners, or has warned it may face judicial review.

For context - the government announced plans to cut the payment for most pensioners, worth between £100 to £300, in July, a move confirmed in this week's Budget.

A pre-action letter from Unite's legal representation, sent to the government on 29 October, argued that the government failed to undertake a full assessment of how the decision would impact people.

The government revealed in September that there had been no wide-ranging assessment, but a more limited "equalities analysis" was released.

• Read more about this possible legal action and what it means here

How many farms will be affected by Budget tax rises?published at 10:49 Greenwich Mean Time 3 November

10:49 GMT 3 November

By Tamara Kovacevic, Anthony Reuben and Gerry Georgieva

On the show earlier, Rachel Reeves was confronted about an outcry from many farmers following the changes to inheritance tax for farms announced in the Budget.

From April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will have to pay inheritance tax at 20% - half the usual rate.

We've seen a range of claims about how many farms will be affected.

The largest estimate - 70,000 - relates to the total number that could ever be affected. But the number of farms likely to be impacted each year is likely to be around 500.

We've taken a look at both of these claims, as well as how much the tax could raise and if it is affordable here in this analysis piece.

The new leader of the Conservatives was quizzed about the recent past of her party, with Kemi Badenoch acknowledging there were a lot of things the Tories got wrong in their 14 years in government:

Here's a clip of Rachel Reeves earlier, after the chancellor was pushed by Laura Kuenssberg on Labour's suggestions before the summer's general election that they would not to raise taxes:

To end the interview, Kuenssberg asks Badenoch how she feels being the first black leader of her party?

She replies by saying that the "best thing will be when we get to a point where the colour of your skin is no more remarkable than the colour of your eyes or the colour of your hair".

"We live in a multi-racial country and that is great," Badenoch says, "but we have to work very hard to make sure that it doesn't become something divisive where people see themselves as being part of groups, rather than all being British".

Kuenssberg then asks Badenoch if she would reverse the VAT hike on private schools.

Badenoch says she would and calls it a "tax on aspiration that won't raise any money".

Kuenssberg asks Badenoch whether she'll oppose the employer increase to National Insurance - and therefore take money away from the NHS.

Badenoch says she doesn't accept the premise of the question, and says it's "not a binary suggestion".

She cites the OBR and says Rachel Reeves' plan is "not coherent".

Pushed on whether she would reverse the employer NI increase, she says she's not the chancellor, but believes raising NI will not result in growth and will "make all of us poorer".

Kuenssberg now asks Badenoch what are the hard truths that the Tory party needs to hear?

The Tory leader says there are hard truths for the whole country, but insists: "We need to be honest that we got things wrong."

Badenoch says she won't go through everything that has gone wrong but says "standards slipped" and the "loss of public trust" played a key tole in the Conservatives's general election defeat in July.

"Promises on immigration and on tax were not kept and that's something that we need to change," she says.

She adds the party needs to be more open about what is needed, and not repeat the mistakes of Brexit and immigration which did not build trust.

Badenoch says she be "completely the opposite" to what Reeves is doing and "start with principles, not just throwing out policy".

Kuenssberg begins her interview with Badenoch by asking what went wrong during Boris Johnson's government.

She says she thinks Johnson was a great prime minister but there was some "serious issues".

Badenoch calls the partygate scandal "overblown" and says the government should not have created Coronavirus Fixed Penalty Notices - aka the fines when Covid regulations were breached.

She says the Chris Pincher scandal - when ministers were sent out to say things that weren't true - was when she decided "things had gone too far".

Pushed on whether people in government didn't obey the Covid regulations, she says problems were created by the regulations.

She says she wants to "draw a line" on the past and focus on the future.

The new leader of the Conservative Party is now ready to be questioned by Laura, after her victory in the race to succeed Rishi Sunak.

We'll let you know what Kemi Badenoch says about the future of the Tories here, or stream the interview by hitting Watch Live at the top of the page.

As the interview draws to a close, the conversation turns to debt - with Laura saying the national debt is massive so is there a level of debt that the chancellor thinks is not sustainable?

"We have now put our public finances on a firm footing," Reeves says, citing her plans to get debt down within the next few years.

She says "because we're getting a grip on day-to-day spending", we can get investment into Britain and boost growth.

She then brings up how the International Monetary Fund gave Labour's budget on Wednesday a "clean bill of health", both in fiscal consolidation - "to get a grip on our debt" Reeves says - and on what Labour is doing to growth the economy in the longer term.

Kuenssberg goes on to ask Reeves about inheritance tax changes that will affect farmers.

Only a small number of agricultural properties will be affected by the changes, Reeves says.

She says it's not affordable to carry on with the current rate of relief that farmers are allowed.

Kuenssberg notes a lot of Budget policies are to do with someone's class - such as making it more difficult for people to pass on land and making it more expensive to send people to private schools or buy second homes.

Reeves says the Budget wasn't "ideological" and was about "priorities".

Laura now asks Reeves: were you wrong to say during the election that there would not be any extra taxes if Labour won, or were you wrong to assume you wouldn't have to do it?

"What I was wrong about was the mess that the previous government had left for us," Reeves says, declining to directly answer the Laura's question.

She cites the £22bn black hole that Labour say the Tory party left them with.

In an interview with Sky New's Sunday Morning with Trevor Philips, Reeves said "I was wrong on June 11, I didn't know everything" when she said during the election that higher taxes would not be needed.

Kuenssberg moves onto Reeves' election promise not to increase National Insurance.

Reeves say raising employer National Insurance was not on the agenda before the election.

She accuses the Conservatives of cutting employee National Insurance "on a false premise" because the money to do so was not available.

To reverse that would have been a "direct breach" of Labour's manifesto promise not to increase National Insurance.

"So we had to make difficult choices," she tells Kuenssberg.

Laura now presses Reeves on how the cost of tax rises will impact businesses such as those in the social care sector.

Is there any chance the chancellor will rethink the National Insurance rise for employers?

"I'm not immune to their criticism," Reeves replies, "but we've got to raise the money to put our public finances on a firm footing".

Laura asks how about for GPs, which Reeves answers by saying Health Secretary Wes Streeting will set the allocations for GPs.

Kuenssberg begins by asking Reeves if she's made it more expensive to hire staff by raising National Insurance contributions and minimum wage.

Reeves says "growth is the number one mission" and the government had to "bring stability back" to public finances and the economy.

Pushed on the question, she says it's not possible to raise £40bn without raising some taxes.