Laura Kuenssberg has taken her seat alongside Rachel Reeves, who is in the studio to be quizzed about decisions she has taken in Wednesday's Budget.

We'll bring you what the chancellor has to say, so stick with us for text updates and analysis in this live feed here.

Or you can stream the show by hitting Watch Live at the top of the page.

Kuenssberg begins the show asking Rachel Reeves and Kemi Badenoch about their celebrations following a big week for them both.

As is Budget tradition, Reeves says she popped into a pub in Westminster with her staff the night after her Budget.

Badenoch also attended a gathering - which she says she didn't know whether it would be "commiserations or celebrations". It was definitely the latter, she tells Kuenssberg.

Asked if she bought the round. Badenoch says she has "lots of other people" doing that for her.

The opening credits have just finished, which means it's time for Sunday with Laura Kuenssberg.

We'll be bringing you live updates and analysis from today's show. To follow along as Laura questions both Kemi Badenoch and Rachel Reeves, you can click Watch live at the top of this page.

Away from the chancellor and new Tory leader, Laura will be joined by three guest panellists as usual to discuss the week's political news:

• Retail mogul Theo Paphitis, one of the stars of Dragon's Den
• Head of the University and College Union (UCU) Jo Grady
• Luke Tryl, former Tory adviser a pollster from the More in Common research group

Paul Seddon
Politics reporter

GPs are calling on the government to protect them from tax rises for employers announced at the Budget, warning it could hit services for patients.

The NHS and rest of the public sector are due to be shielded from a hike in National Insurance (NI) contributions from April next year.

But GP practices, which deliver NHS services but are mostly run as small businesses, are currently due to be hit by the rise.

The government has suggested that the extra cost of higher national insurance contributions paid by GP practices will be taken into consideration when GP contracts are renegotiated later this year.

Private companies that deliver social care services have also warned about the impact of the NI hike, as well as a scheduled6.7% rise to the minimum wage.

From next April, employers will have to pay NI at 15% on salaries above £5,000, instead of 13.8% on salaries above £9,100 currently.

The Institute of General Practice Management, which represents GP practice managers, has estimated that the rise will put up the tax bill of the average surgery by around £20,000 a year.

• GPs demand protection from Budget tax hike

In a few minutes, Rachel Reeves will be questioned on her Budget by Laura Kuenssberg, so let's take a look back at what the chancellor already said about the measures:

• Reeves said she hoped the Budget would be "a one off", speaking to the BBC's Chris Mason

• She defended the measures insisting "this is the Budget that is needed to wipe the slate clean"
• The chancellor said she is committed to delivering on Labour's pledge to "invest, invest, invest," to help drive Britain's economic growth
• Reeves conceded this year's budget is not "the summit of my ambitions" but noted that “growth numbers this year and next year are being revised up and that’s good news”

Image source, PA Media

In the last few minutes the chancellor walked into New Broadcasting House for her interview on Sunday with Laura Kuenssberg.

Don't forget, you can watch the interview live at 09:00 GMT by pressing Watch Live at the top of the page.

Chris Mason
Political editor

As the result of the Conservative leadership contest was read out, I was standing next to a group of MPs who have long backed Kemi Badenoch.

There were gasps, hugs, even some tears.

Many of them speak of her in superlative terms, seeing her as uniquely able among her generation of Conservatives.

Why? They admire her conviction, her plain speaking, her big thinking.

“She has real sparkle. It’s going to be fascinating seeing her taking on Starmer,” says one of them.

“We are going to have to get used to something quite novel,” another tells me. “That she will actually answer the question.”

Badenoch will need every last bit of political savvy for the challenge she takes on.

• Read more of Chris Mason's analysis of Badenoch's victory here

Image source, EPA

Also joining Laura Kuenssberg this morning is the newly-elected leader of the Conservative Party. She first ran for the leadership in 2022 placing fourth but for those not familiar with her, here's a brief look into her background:

• Born in London and raised in Nigeria, Badenoch became the Tory MP for Saffron Walden in 2017
• Known for her robust views and no-nonsense style, her political heroine growing up was Margaret Thatcher
• She was business secretary under Rishi Sunak but it's arguably through her other former role - as minister for women and equalities - that she emerged as a darling of the modern Conservative right for her stance on trans rights

• Her analysis of what went wrong for the Conservatives at the general election is that they "talked right, but governed left", and need to "stop acting like Labour" to win back power
• She put this pledge at the heart of her Tory leadership campaign, which focused on changing the underlying mindset of the British state rather than setting out detailed policies

You can read more about what Kemi Badenoch stands for here.

With the chancellor due to face questions about the fiscal plans she unveiled on Wednesday, here's a quick look at the main takeaways from Rachel Reeves's first Budget:

Reeves introduced a rise in employers' National Insurance (NI) contributions from 13.8% to 15% and unexpectedly announced the freeze on NI thresholds and income tax would not be extended beyond 2028.

Capital gains tax will increase, VAT on private school fees will kick in from January and there will be a freeze on fuel duty next year.

The £2 cap on single bus fares in England will rise to £3 from January outside London and Greater Manchester.

Day-to-day spending for the NHS and education will increase by 4.7% in real terms this year and then smaller rises will follow next year.

The threshold at which first-time buyers pay stamp duty will drop back from £425,000 to £300,000.

• Want more on the Budget? You can find out more about the measures in our handy summary.

Image source, PA Media

First up on the programme later will be Rachel Reeves - who's had a big week announcing Labour's first Budget in 14 years. For those of you not familiar with the chancellor, here's a quick look at her background:

• Reeves was born in south-east London in 1979, became a Labour member at 16, and a Labour MP for Leeds West and Pudsey in 2010
• After graduating, Reeves took on a role as an economist at the Bank of England
• Following Labour's landslide victory in July's general election, Reeves was confirmed as the first woman to hold the office of chancellor in its 800-year history
• She served as shadow chancellor since May 2021, and before then was appointed shadow chancellor of the duchy of Lancaster in 2020
• This week she said Labour will fulfil its promise to voters in July's election to “invest, invest, invest” to "drive economic growth"

Laura Kuenssberg
Presenter, Sunday with Laura Kuenssberg

“It’s like week zero,” a government insider suggests. A new Conservative leader today. A whopper of a Budget on Wednesday.

Add those two events together and it feels like this is the week that everything changed – the clock restarts.

The tramlines are now set for the battles ahead, a member of the cabinet tells me. A Labour government that’s now unabashed in the big choices it’s made, the winners and losers they’ve picked.

Kemi Badenoch, the new Conservative boss, is unashamed in saying what the softer fringes of the Tory party has felt squeamish about until now.

And maybe we’ve entered a new era when the fabled centre ground of politics feels a bit emptier – and the differences between the two main parties are sharper.

• For more from Laura Kuenssberg, there is her BBC InDepth piece on how Badenoch's win and Labour's big Budget mean we now have sharper left-right divide.

Fresh off the election of Kemi Badenoch as the new Conservative Party leader, lets take a look at some front pages:

"It's time for a fresh start" is the headline in The Sunday Telegraph, external. In an interview with the paper, Badenoch is said to have signalled she'll move the party in a new direction - and break from what she calls the mistakes of her predecessors.

The Sunday Times, external says Badenoch has become the first black woman to lead a significant political party in Europe. The paper says she's expected to hand cabinet positions to loyal supporters - such as Andrew Griffith, Claire Coutinho, Alex Burghart and Julia Lopez.

The Observer, external has the headline "Labour challenges Badenoch over billions for public services". The paper says the government threw down an immediate challenge to Badenoch to back Rachel Reeves' plans.

Adam Durbin
Live editor

Image source, Jeff Overs/BBC

It's been an eventful week. A new Tory leader has been voted in and the Labour Party's first Budget in 14 years was laid out on Wednesday.

Chancellor Rachel Reeves will be joining Sunday with Laura Kuenssberg later to discuss the her plans to raise £40 billion in taxes, while Kemi Badenoch looks set be grilled on her vision for the future of the Conservative Party.

They'll all delve deeper into what Laura herself says "feels like this is the week that everything changed" in Westminster politics.

We'll be bringing you the latest updates and analysis from Laura and her guests throughout the show, which starts at 09:00 GMT. You can follow along by clicking Watch Live at the top of this page.

Rachel Flynn
Live reporter

Image source, EPA-EFE/REX/Shutterstock

So that's it - Kemi Badenoch is the new Conservative Party leader after a contest lasting over 14 weeks.

With 53,806 votes, Badenoch beat her rival Robert Jenrick by 12,418 votes - but says he will "play a key role" in the party's future.

There's been gaffes - like when Badenoch suggested maternity pay was excessive - and surprises, when James Cleverly was knocked out the race shortly after leaping into the lead.

And who could forget the Tom Tugendhat-themed fake tan on display at party conference.

Badenoch set out two clear objectives for her leadership - to hold the Labour government to account and prepare for a future Tory government.

We'll be back tomorrow as the new Tory leader and Chancellor Rachel Reeves, who delivered the government's first budget this week, will join the BBC's Sunday with Laura Kuenssberg tomorrow from 09:00 GMT - so be sure to join us.

If you'd like to read more about today, our story on Badenoch's victory in the race to succeed Rishi Sunak will be kept updated.

Or for a deeper dive, we've published a full profile going over her background and what she stands for here.

And our political editor Chris Mason has written some analysis of how Badenoch will need all her political savvy to transform the fortunes of the Conservative Party she now leads.

This page was edited by Adam Durbin, Rorey Bosotti and Matt Spivey. It was written by Jennifer McKiernan, Seher Asaf, and myself.

Image source, EPA

After a lengthy leadership contest following the Conservative's election loss in July, Kemi Badenoch was ultimately declared the winner.

Here's a quick look back at how events unfolded today:

• Tory party chairman, Richard Fuller, appealed to MPs and members to give the new leader their "full support"
• Bob Blackman, chair of the 1922 Committee, announced Kemi Badenoch as the winner and new leader of the Conservative Party
• The full results came in - with Badenoch receiving 53,806 votes, while Robert Jenrick received 41,388

• In her acceptance speech, Badenoch said it was an "enormous honour" to become the new leader, saying it's "time to get down to business"
• She thanked her predecessor for his hard work - as well paying a tribute to her leadership rival Jenrick, adding that he has a "key role to play in our party for many years to come"

More reaction from fellow Conservatives now, as Jacob Rees-Mogg says he'll now back Kemi Badenoch, despite supporting Robert Jenrick's leadership bid.

The former MP tells the BBC: "The Tory party needs to rally round - we need to win voters back.

"I thought Kemi's few words were just the right sort of thing to say and she was very generous to Robert, which was impressive, so we'll rally round."

Image source, Getty Images

The Scottish Tory leader has pledged to "work constructively" with new Conservative leader Kemi Badenoch.

Russell Findlay had refused to endorse either candidate during the leadership campaign, saying he would work with whoever took over.

Findlay said: “My warmest congratulations to Kemi on her election as the new UK Conservative leader. We are determined to deliver opportunities for people to get ahead and to reduce taxes for aspirational workers and business owners.

“We are both committed to winning back public trust by focusing on the issues that impact on people’s lives.”

• For more on the reaction in Scotland to Badenoch's victory, we have this piece on what Findlay and other party leaders have said.

Fascinating dynamic awaits Westminster as Badenoch faces colossal challengepublished at 14:01 Greenwich Mean Time 2 November

14:01 GMT 2 November

Chris Mason
Political editor

Kemi Badenoch takes on a colossal challenge; when the Conservatives were trounced in 1997 it took them four attempts to find a leader who became Prime Minister.

Westminster now anticipates a fascinating dynamic; a forty something black woman taking on a sixty something white man.

Both Kemi Badenoch and Sir Keir Starmer are, of course, far more than these crude labels but it is a point of obvious demographic contrast it would be a mistake to overlook.

Politically, the contrast is starker still; the self described socialist prime minister and a conviction Conservative of plain speaking instinct.

Her supporters privately acknowledge she is not yet the finished article - as she takes on the hardest and most unforgiving job in politics; a four year interview for the role she really craves: prime minister.

• Read more of analysis of the result here

Image source, CCHQ

The new leader of the Tories has arrived at Conservative HQ, joking to staff that she's never seen it this full on a Saturday morning before.

Thanking staff, she said: "This has not been the easiest campaign for all of us. It took a lot of guts and a lot of courage for us to stick to the fact that we needed to renew before we start having a new manifesto for the next election.

"But that means it's all to play for, it means that we start afresh, it means that we all have a stake in the party.... It's going to be a lot of fun, but let's get to work."