The Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer will be interrogated by Sky’s political editor Beth Rigby and members of the public tonight.
During The Battle For Number 10, they will talk and be questioned at length about their ambitions, so viewers can understand in detail what their plans are.
Mr Sunak is somewhat on the back foot as he has to defend his party’s 14 years in government, while Labour is yet to publish its manifesto, making it harder to get to the bottom of some of its plans.
But here Sky News picks apart some of the claims – and counter claims – each is likely to make.
Which leader will help with cost of living?
Cost of living and taxes are sure to feature – they consistently rank among voters’ top priorities.
Labour likes to claim families have become £5,883 worse off in total over the last five years.
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But fact-checking organisation Full Fact pointed out the figure doesn’t take into account a broad enough basket of goods, or changes in wages or benefits over the same time.
Factoring these in, the decrease in real disposable income is more like £166, the independent Office for Budget Responsibility (OBR) has found.
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Meanwhile the Tories claim Labour would leave families £2,000 out of pocket. But the calculations behind it are based on assumptions, as Labour has not yet published it manifesto, and the Tories assume Labour’s plans would be funded by taxes rather than possible borrowing.
Mr Sunak defends his record on the basis of the COVID furlough scheme – which he oversaw as chancellor – and the fact inflation has finally fallen to 2.3%, down from a 42-year record high of 11.1% in October 2022.
But external factors worked in the PM’s favour.
The worst price shocks from the war in Ukraine (namely on fuel and food) eased regardless of government policies.
But falling inflation does not mean falling prices, and any amount of inflation still means prices are rising on top of already higher costs.
Wage growth has now overtaken inflation – but there’s still a gap between how much prices have increased vs wages in the long run, according to ONS data.
This, combined with stubbornly high interest rates which increase the cost of mortgage rates and other loans, explains why people are still feeling the pinch.
Can anyone ‘fix’ the NHS?
Are waiting times going up or down? This is a question on which the leaders are likely to disagree.
The number of outstanding appointments for NHS England peaked at 7.8 million last August – and has since inched down to 7.5 million.
But as other parties love to point out, the waiting list is still 300,000 appointments higher than the 7.2 million in January 2023, when Mr Sunak originally pledged to cut it.
Labour say it would get waiting times back down to a maximum of four months – as per the NHS target – by the end of their first term.
They’d do this by adding “40,000 extra appointments and operations every week”, including more on evenings and weekends, and buying more equipment.
Sky News analysis has shown that these measures alone may do little to bridge the gap, however.
It takes five additional NHS appointments to remove one treatment pathway from the waiting list, according thinktank The Heath Foundation.
With this conversion rate, Labour’s 40,000 additional appointments equates to 8,000 removed from the waiting list, shown in the bar in orange in the chart above – still falling far short of tackling demand.
How would they approach migration?
Both leaders are keen to position themselves as tough on migration, saying that the record levels of net migration since Brexit in 2016 – reaching 685,000 last year – are too high.
Mr Sunak claims his plans, which include the controversial Rwanda deportation policy and an unspecified cap on net migration numbers, are the answer.
Former prime ministers David Cameron and Theresa May both vowed to cap net migration in the “tens of thousands”. Both failed.
Meanwhile, the Rwanda policy addresses only a tiny fraction of overall numbers, despite its hefty price tag.
It is already set to cost £370m before any removals take place, according to government spending watchdog the National Audit Office (NAO), and could reach an estimated £661m.
It is designed to deter small boats crossings, but these make up only a fraction of asylum claims, and asylum seekers accounted for only 81,000 migrants last year, compared with 432,000 workers and 379,000 students.
Labour have confirmed they will scrap the scheme “straight away”, while the Conservatives have a poor track record of implementing the scheme, so it remains to be seen what the final bill will be.
Nearly two thirds (64%) of 229,000 workers visas granted in 2023 were for healthcare roles like nurses and care workers.
The Tories say their Albania deal shows that deterrence works, with numbers down 90%.
Labour has pledged to “reform resettlement routes to stop people being exploited by gangs”.
Are they really that different on climate and net zero?
Climate and environment comes in fifth in the list of voters’ concerns, according to one YouGov poll.
Yet we have heard fairly little about it recently – the Tories in the last year wanting to distance themselves from it.
A key dividing line is whether to pump more oil and gas from the North Sea.
Mr Sunak wants to “max out” what’s left. Labour says it would stop issuing licences for new projects.
But even though it opposes them, if elected Labour would not actually revoke those handed out by the Tories – which environmentalists have criticised.
The Conservative manifesto says more extraction would “provide energy to homes and businesses across the country”.
But it’s somewhat of a storm in a teacup, because there isn’t much oil or gas left in the North Sea anyway.
The red and blue lines in the chart above show how much – or little – extra the UK might get from new licences – so the decision is more symbolic.
The Tories say they will back renewables, but haven’t really lifted an effective ban on onshore wind farms as promised. Labour wants to double onshore wind power to 35GW by 2030.
In reality the parties are more aligned than some of their members would have us believe.
Both back some form of windfall tax until 2029, want to decarbonise most or all electricity by 2030, plan to drive up EVs and want to ramp up solar and offshore wind.
But oh how it did, drawing criticism from his own party, Labour, and the general public alike.
The polls have not been kind either.
A snap YouGov survey showed two thirds (65%) of those surveyed found the behaviour to be completely or somewhat unacceptable. This rose to three quarters (75%) among the 65+ age group.
This was a gift to Labour, and something Starmer will likely want to capitalise on during tonight’s debate.
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Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”
His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.
The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.
“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.
The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”
Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.
Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.
CZ has met with several other state officials in Asia
Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.
CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.
Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.
CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.
Donald Trump has acted for his country and I will act in Britain’s interests, Sir Keir Starmer has said after the US president imposed 10% tariffs on UK goods.
The prime minister told business chiefs at an early morning meeting in Downing Street: “Last night the president of the United States acted for his country, and that is his mandate.
“Today, I will act in Britain’s interests with mine.”
Mr Trump announced sweeping tariffs on countries around the world, with the UK getting off relatively lightly with 10% tariffs – branded “kind reciprocal” by the president – compared with China, which will have to pay 54% tariffs and 20% for the EU.
A previously announced 25% tariff on British car imports to the US came into effect at 5am on Thursday.
Sir Keir said the government is moving “to the next stage of our plan” after negotiations failed to fend off any tariffs ahead of Wednesday’s announcement.
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He promised any decisions “will be guided only by our national interest, in the interests of our economy, in the interests of businesses around this table, in the interests of putting money in the pockets of working people”.
Image: Sir Keir Starmer hosted business leaders in Downing Street on Thursday morning. Pic: Simon Dawson/No 10 Downing Street
“Clearly, there will be an economic impact from the decisions the US has taken, both here and globally,” he told the business leaders.
“But I want to be crystal clear: we are prepared, indeed one of the great strengths of this nation is our ability to keep a cool head.”
Business Secretary Jonathan Reynolds told the Commons on Thursday the government is considering retaliatory measures and requested British businesses let him know what the tariff implications will be for them.
An “indicative list of potential products” that could be targeted was later published, with 8,364 categories covering about 27% of UK imports from the US.
Earlier, Mr Reynolds told Wilfred Frost on Sky News Breakfast his “job is not done” when it comes to negotiating a trade deal
Mr Reynolds refused to say if the tariffs might cause a global recession and said the UK has safeguards in place to ensure it is not flooded with goods that would have gone to other countries.
“We’ll take any powers we need to protect the British people and the British economy from that,” he said.
“What we have directly within our power, alongside that is, of course, the ability to negotiate a better deal in the national interest for the UK. That’s been our approach to date and we’ll continue with that.”
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1:09
Moment Trump unveils tariffs chart
UK will be template for other nations’ deals
The business secretary also suggested if the UK is successful in negotiating a deal with the US “there’ll be a template there” for other countries to “resolve some of these issues”.
He reiterated statements he and the PM have made over the past few days as he said: “America is a friend, America’s our principal ally.
“Our relationship is an incredibly strong economic one, but also a security one, a political one as well.”
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6:39
Sky’s Ed Conway examines how economies across the world are impacted by tariffs
Government ‘very slow’ to start talks
Conservative shadow home secretary Chris Philp told Sky News the government had been “very slow” to start negotiating a free trade agreement with the US, and they should have started when Mr Trump was elected in November, even though he did not get sworn in until the end of January.
He said the UK being hit by a lower tariff than the EU was “one of the benefits of Brexit”.
However, he said the 25% tariff on car exports to the US is “very, very serious” and the global impact is “bad news for our economy”.
Relief in Westminster – but concessions to Trump to come
It has been quite a rollercoaster for the government, where they went from the hope that they could avoid tariffs, that they could get that economic deal, to the realisation that was not going to happen, and then the anticipation of how hard would the UK be hit.
In Westminster tonight, there is actual relief because the UK is going to have a 10% baseline tariff – but that is the least onerous of all the tariffs we saw President Trump announce.
He held up a chart of the worst offenders, and the UK was well at the bottom of that list.
No 10 sources were telling me as President Trump was in the Rose Garden that while no tariffs are good, and it’s not what they want, the fact the UK has tariffs that are lower than others vindicates their approach.
They say it’s important because the difference between a 20% tariff and a 10% tariff is thousands of jobs.
Where to next? No 10 says it will “keep negotiating, keep cool and calm”, and reiterated Sir Keir Starmer’s desire to “negotiate a sustainable trade deal”.
“Of course want to get tariffs lowered. Tomorrow we will continue with that work,” a source added.
Another source said the 10% tariff shows that “the UK is in the friendlies club, as much as that is worth anything”.
Overnight, people will be number-crunching, trying to work out what it means for the UK. There is a 25% tariff on cars which could hit billions in UK exports, in addition to the blanket 10% tariff.
But despite this being lower than many other countries, GDP will take a hit, with forecasts being downgraded probably as we speak.
I think the government’s approach will be to not retaliate and try to speed up that economic deal in the hope that they can lower the tariffs even further.
There will be concessions. For example, the UK could lower the Digital Services Tax, which is imposed on the UK profits of tech giants. Will they loosen regulation on social media companies or agricultural products?
But for now, there is relief the UK has not been hit as hard as many others.
More than 400 pages of thousands of goods that could be affected by reciprocal tariffs against the US.
Everything from fresh domestic ducks to sea-going dredgers makes the cut; most symbolic, however, are iconic American items like jeans, motorcycles and whiskey.
Would Donald Trump stand for a levy on Levi’s? It’s not the first time this battle has played out.
At the time, the UK, then an EU member, followed suit.
But as the UK tries to carve its own path outside the bloc, vindicated by the baseline 10% tariffs imposed instead of the EU’s rate of 20%, the aim is to avoid retaliation.
The government want us to know “all options are on the table” – but that is not how they want this to play out.
“This is not a short-term tactical exercise,” the prime minister said this morning.
Despite the business secretary’s best efforts during his recent trip to Washington to try to secure a UK tariffs carveout, no deal was reached in time.
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3:54
How will tariffs hit working people?
Mr Trump wanted his big bang, board brandishing moment; carveouts for certain countries would have softened the impact of his speech.
But with 90-plus countries on the tariff billboard, how far along the queue is any UK deal?
And how much are we willing to give? Will the sensitive subject of chlorinated chicken be on the table? What of the agreement to cut taxes on big tech companies that Mr Trump wants?
Lots of questions. The day after the surreal night before is too soon to know all the answers, but this is about politics as much as it is about economics.
As the prime minister launched Labour’s local election campaign in Derbyshire today, he talked about potholes, high streets and school meals. Every question I heard was about tariffs.
Decisions made across the Atlantic are looming large. Tariffs may not directly sway many votes in the local elections, but the consequences for Rachel Reeves’s fiscal headroom and the amount of money she has to spend, or save, will have an impact before too long.