Rishi Sunak and Sir Keir Starmer took turns answering questions from Sky News and a live audience, with a snap poll suggesting the Labour leader performed better on the night.
But what did we learn from their responses about the key issues facing the country?
Here’s a look at the key points from the Sky News leaders’ event in Grimsby.
Image: The Sky News leaders’ event was held in Grimsby
NHS waiting lists
With the NHS England waiting list up to about 7.5 million cases, there was some angry shouting from the audience when Mr Sunak brought up the industrial action taken up by staff in the health service.
“We’ve not made as much progress on cutting waiting lists as I would have liked,” he said.
“That was something that I was keen to do, and it has proved more difficult for a number of reasons, obviously recovering from a pandemic is not easy.”
He faced groans and boos when he said: “I think everyone knows the impact the industrial action has had, that’s why we haven’t made as much [progress].”
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0:18
Sunak booed as he arrives at Sky News event
Sir Keir said the government could not afford to meet junior doctors’ pay-rise demands but said Labour would “get the room and settle this dispute”.
Tory tax burden
Mr Sunak repeated his promise of “tax cuts for people at every stage for people at every stage of their life”.
Facing questions about the tax burden potentially being higher than it is now under a future Conservative government, Mr Sunak said: “What our manifesto announced is the tax cuts for people at every stage of their life – for people in work, for people that are setting up small businesses, that are self-employed, for those young people who want to buy their first home, for pensioners and for families.”
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3:32
Did Sunak’s claims add up?
D-Day fallout
“It hasn’t been an easy 18 months in general,” Mr Sunak admitted, when asked about what has gone so wrong for his party.
“I’m going to keep fighting hard until last day of this election,” he said.
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1:24
Sunak ‘deeply sad’ over D-Day
But Mr Sunak’s decision to leave D-Day commemorations early sparked widespread backlash against the prime minister.
“I was incredibly sad to have caused people hurt and upset,” he said, adding he hopes people can forgive him.
National service
When an audience member asked why a young person today would believe the Tories have their best interests at heart, Mr Sunak said he is “incredibly excited” for his daughters to do national service.
“I think it will be transformative for our country,” he added.
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Sunak on ‘transformative’ national service
Tough questions for Starmer on tax
Addressing his tax plans, Sir Keir insisted “working people shouldn’t pay more tax” and repeated “no tax rises for working people”.
This includes income tax, VAT and National Insurance, but rises in fuel duty, for example, would impact working people, Rigby pointed out.
To help balance the scales, increasing capital gains tax could raise £14bn a year, Rigby said, but Sir Keir revealed “that is not in our manifesto”.
He said he’d be happy to pay more tax himself, despite being in the top 3% for amount of tax paid – after earning £128,000 and paying £44,000 in income tax last year.
“Yes, of course,” he said, reminding the audience his father was a toolmaker – with the often-repeated line causing some laughter in the audience – and his family “couldn’t make ends meet”.
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0:51
Starmer accused of being a ‘political robot’
VAT on private schools
Challenged on his plans for a VAT tax on private school education, Sir Keir told an audience member the party is removing a tax break – rather than adding a new tax.
“The position at the moment is there’s a tax break, so you pay VAT on other services, but you don’t pay for private schools,” he said.
“Now I understand why that’s been in place, but it’s a tax break that we are removing. It’s not an introduction of a new tax.”
Two-child benefit cap
Sir Keir confirmed there is no plan in his party’s manifesto to cut a two-child benefit cap, admitting it was a “difficult” decision.
“I can’t do something – I know the benefits of it and we will have a strategy for it – but I think people are fed up of politicians who before the election say we’ll do everything,” he said.
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4:20
Starmer challenged on ‘trust’
Small boat crossings and immigration
On small boats, Rigby confronted Mr Sunak about small boat crossings. More than 10,000 migrants have arrived in the UK by crossing the Channel in small boats in 2024 – a new record for this stage in the year.
Part of the Tory strategy to cut the number of crossings is the controversial Rwanda policy, which Mr Sunak again vowed would take off in July if he wins the election.
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2:17
Sunak: Immigration ‘too high’
Asked why, if he is so confident flights would take off in July, he didn’t prove this before calling an election, Mr Sunak said “it was the right moment” to go to the polls.
Meanwhile, Rigby outlined how net migration in the past three years stands at 1.9 million people – against 836,000 before Brexit.
With the figure more than doubling since leaving the European Union, Mr Sunak admitted “it’s too high”.
“I’m sure people feel frustrated about that,” he said. “The numbers are too high.”
Starmer distances from Corbyn
Questioned on trust, Sir Keir defended changing previous stances he held, including Labour policies.
He said the “country comes first, party second” and looked back at previous decisions to ask himself if they’re best for the nation, rather than Labour.
Reminded on his claim in the last election that Jeremy Corbyn would make a “great prime minister”, the Labour leader refused to answer directly if he believed that.
Instead, he repeated he was “certain” the party would lose the election in 2019.
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1:02
‘I was certain we would lose’
What we didn’t know about the leaders
Asked what he fears most about becoming prime minister, the Labour leader said he’s worried about the impact it will have on his family, including his children aged 16 and 13.
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0:58
‘The only fear I have is for my family’
Rigby asked Mr Sunak to tell the audience one thing they might not know about him.
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0:50
Sunak reveals ‘appalling diet’
He said he had an “appalling diet” due to his sweet tooth. Haribo and Twix are apparently his favourites.
US bank SoFi Technologies has launched crypto trading services to its customers, as clearer rules have allowed the crypto market to court greater interest from traditional finance.
SoFi said on Tuesday that its crypto service will aim to offer dozens of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), and started in a phased rollout on Monday, with more customers able to gain access in the coming weeks.
SoFi CEO Anthony Noto told CNBC’s Squawk Box on Tuesday that his bank is the first and only nationally chartered bank to launch crypto trading to consumers and was spurred to do so after the Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto in March.
“One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. We were not allowed to do that as a bank. It was not permissible,” he said.
SoFi also plans to introduce SoFi USD, a stablecoin backed dollar-for-dollar by reserves, and integrate crypto into its lending and infrastructure services for borrowing and faster payments.
“We believe blockchain and cryptocurrencies are a super cycle technology just like AI, and it will be pervasive across all the financial system,” Noto said.
He added that stablecoins would fundamentally change payments, provided they have liquidity and don’t carry credit risk or duration risk.
SoFi CEO Anthony Noto speaking to CNBC on Tuesday. Source: YouTube
“I actually worry quite significantly about stablecoins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote?” he said.
“That’s three elements that you have to think about with whatever stablecoin you use. Just because it’s back dollar for dollar doesn’t mean those dollars will be there when you try to liquidate.”
Members back crypto shift
SoFi has over $41 billion in assets, according to financial metric platform Business Quant. The bank’s third-quarter results list its net revenue as $962 million and show a member base of 12.6 million people.
Noto said 60% of the bank’s members surveyed were interested in crypto investments and also revealed he has allocated 3% of his personal portfolio to crypto, mainly Bitcoin.
“We have exposure to it because I believe we’re investing in a technology not in a currency. The analogy I use with people is imagine if in 1990 you could have bought a piece of the World Wide Web through some coin called the World Wide Web coin.”
“It’s very similar to that. These are networks, communication networks used for payments and other applications,” Noto added.
Bitwise’s spot Chainlink exchange-traded fund (ETF) has appeared on the Depository Trust and Clearing Corporation’s registry, a usually positive sign that the fund is moving closer to launch.
The Bitwise Chainlink ETF was added to the DTCC’s “active” and “pre-launch” categories on Tuesday under the ticker CLNK. The listings don’t guarantee that the US Securities and Exchange Commission will approve the ETF, but they have historically been a good indicator that a product is set to be greenlit.
DTCC is a post-trade market infrastructure platform that clears, settles, and records transactions, serving as a central hub for markets to ensure trades in assets like stocks and ETFs are processed efficiently and securely.
Bitwise is yet to file a Form 8-A for its Chainlink product, one of the final documents that must be lodged before securities are offered on an exchange, and often means that a product’s launch is imminent.
Grayscale is another crypto asset manager that has a spot Chainlink ETF in the works. However, it may face more regulatory challenges than Bitwise’s as it seeks to incorporate staking.
Government shutdown slows ETF process
Dozens of spot crypto ETFs are currently awaiting SEC approval amid the US government shutdown, which is in its 42nd day but is expected to end sometime this week after the Senate passed a funding bill.
Crypto asset managers have filed ETFs to track increasingly speculative altcoins in the hopes of attracting investor attention, from Dogecoin (DOGE) and Solana (SOL) to Aptos (APT), Avalanche (AVAX) and Hedera (HBAR).
New SEC listing standards could see more approvals
Industry analysts are now expecting more spot crypto ETFs to be approved as the SEC created new generic listing standards that enable the approval of crypto investment products without them needing to be reviewed on a case-by-case basis.
The SEC’s new listing standards were released on Sept. 17, less than two weeks before the US government shutdown, leaving little time for the new rules to be put to use.
Since then, the government shutdown has forced the SEC to operate with limited capacity and funding.
Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.
Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.
But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.
One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.
They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.
But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.
Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.
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The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.
Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.
“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”
When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.
When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”
And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”
Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.
Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.
“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.
“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”
Image: Who is plotting to unseat the PM? Pic: PA
Cloak-and-dagger
Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.
Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.
A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.
“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”
Image: It’s not me, insists Wes Streeting. Pic: Reuters
However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.
Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.
“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”
What next?
It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.
The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.
Watch and follow live coverage across Sky News – including in the Politics Hub.