That’s all from tonight’s live coverage of the Labour leadership debate - thanks for reading.
The next debate will be held in Gateshead on Thursday 11 August at 7pm.
Read Alice Ross’s full story on the first Labour leadership debate here:
Jeremy Corbyn mentioned the inquiry into antisemitism carried out by Shami Chakrabarti, the human rights and civil liberties campaigner. He did not mention, however, that he had put her forward for a peerage.
His decision has caused tensions at the top of the party, with several MPs criticising the leader’s decision to nominate her given the row over cronyism engulfing David Cameron and No 10.
Wes Streeting, Labour MP for Ilford North, said: “With just one Lords appointment, Corbyn has undermined criticism of Cameron’s list and the remaining credibility of his antisemitism inquiry.”
Tom Watson, the Labour deputy leader, is understood not to have been consulted about the choice and believes the party should be boycotting the whole system.
Huffington Post political editor Paul Waugh tweets:
Smith's main pitch 'i will take us back to Government'
— Paul Waugh (@paulwaugh) August 4, 2016
Will Corbyn repeat that pledge?
That’s the end of the first Labour leadership debate. Only five more to go...
Jeremy Corbyn says Labour lost the last general election because it offered “austerity-lite” and abstaining on the welfare reform bill.
Party membership has gone up to 540,000 under his leadership - people are engaged in politics in a way they were not before. He ends with a call for “real social justice right across this country” to slightly more applause.
Two-minute closing pitches now:
Owen Smith says the country is in crisis that was compounded by the Brexit vote. Labour’s legacy is being wiped out and the party is divided. The answer is a powerful, strong opposition that is a government-in-waiting, he tells the Cardiff debate.
Smith promises to deliver the most radical programme since the Labour administration of 1945. “I will take us back to government,” he ends on, to strong applause from the audience.
Final question is about how to re-engage voters in Wales.
Corbyn mentions a number of concepts, including the EU funding that could be lost being replaced by Westminster. It’s also unacceptable that travelling from north to south Wales by a method other than cars is very difficult, he adds.
Smith starts by saying he wants a Labour government in power to work with the Labour “comrades” in Wales and would invest £10bn in infrastructure. “We need a Labour government at both ends of the M4.”
Smith says legislation is needed to narrow the gender pay gap and outlaw discrimination: “To do that we need to be in government ... we’ve got to win, Jeremy.”
Welsh Labour MP Chris Elmore tweets:
.@owensmith2016 says #Labour should be ashamed of anti semitism in the party. Jeremy supporter shouts 'why' - I'm shocked beyond words!
— Chris Elmore MP (@CPJElmore) August 4, 2016
A question – which could be the last – about female leadership of the Labour party.
Smith thinks 50% of the party’s MPs and shadow cabinet should be women.
Corbyn mentions all-women shortlists and driving down the gender pay gap as ways to promote women. His first shadow cabinet was majority female, he adds.
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Huffington Post political editor Paul Waugh tweets:
Shades of Kinnock/Militant speech there from Smith Ashamed that 'The Labour party, the Labour party,..accused of anti-semitism'
— Paul Waugh (@paulwaugh) August 4, 2016
Labour has been too slow to admit that the party has a problem with antisemitism – something it should be ashamed of, Smith says. “How has this happened?” he asks Corbyn.
Corbyn says many of the cases pre-date his leadership and wants Labour to be inclusive. Nineteen members have been suspended and rule changes are coming, he adds.
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On to antisemitism, which Corbyn says has “no place in the Labour party”.
Smith says he would have “zero tolerance” – with no short-term suspensions. “They would be out.”
Corbyn says every case should be investigated: “That’s what we are doing.”
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Smith says we are an immigrant nation, which is something we “need to be proud of”.
He refuses to set targets for immigrations because we need migrants.
Corbyn says non-European immigration is strictly controlled and that needs to be looked at. He adds that Smith is right about the need for migrant nurses in the NHS, for example.
There are 2 million British people in Europe who want to stay there and that should be remembered, the Labour leader notes.
Next question is on immigration. Do the candidates recognise that people feel uneasy about immigration?
Smith concedes there are pressures on social services, but investment is the answer to solving these problems.
Corbyn says he recognises the unease but that we live in a multicultural society and that the UK has benefitted from immigrants.
Channel 4 News polticial correspondent Michael Crick tweets:
Some jeers as Owen Smith justifies voting for Trident by saying his hero is (Welshman) Nye Bevan
— Michael Crick (@MichaelLCrick) August 4, 2016
New Statesman political editor George Eaton tweets:
No chance of Trident abolition becoming Labour policy under conference rules (unions have 50% of vote). #LabourLeadership
— George Eaton (@georgeeaton) August 4, 2016
Next question: Trident renewal.
Corbyn says he voted against the renewal, to loud cheers from the audience. Renewing the nuclear deterrent is not moving towards a world free of nuclear weapons, he adds.
Smith is in favour of a world without nuclear weapons – but argues that the UK needs to retain a nuclear deterrent because of heightened threats from countries such as Russia in what has become a more dangerous world.
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Austerity has failed and it’s time to invest in this country, Smith says. “It’s a question of whether we can afford not to do this.”
Corbyn responds: “You can’t cut your way to prosperity.” He says Labour has made mistakes but has changed and wants the party to go further down the road to minimise “grotesque” levels of inequality in the country.
Smith says 2 million Labour voters would rather have Theresa May as prime minister. “That has to be a wake-up call to the party,” he adds.
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How to convince voters that Labour is fiscally responsible is the next question.
Corybn says measures such as a very large housing programme is needed – for example, building 1m homes in the next five years and providing lifetime tenancies for council houses.
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Owen Smith says it is time to “stop the culture of greed” with “good old-fashioned socialist policies”.
Without being able to win, we won’t be able to do anything other than protest, Smith says: “Otherwise it’s just hot air.”
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Smith says Britain needs to be reindustrialised – something Corbyn has also spoken about.
How will it make the country more competitive? We need to do more to develop ideas in Britain, Corbyn says: “We need a different strategy.”
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Sky political correspondent Sophy Ridge tweets:
Owen Smith to Corbyn: "I don't think you spoke with the passion that some of us in the Labour Party feel"on EU referendum #LabourLeadership
— Sophy Ridge (@SophyRidgeSky) August 4, 2016
Smith says the Bank of England action today was a result of Brexit.
Could the party have done more in the referendum campaign? Corbyn claims it was hard to get media coverage because the media was only interested in Tory party division – and is heckled by an audience member.
Smith says the question of EU membership should be put to the nation when the terms of the deal are known.
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Corybn admits he could have chosen his words more carefully when he spoke the day after the EU referendum about article 50. However, he maintains that the process of leaving the EU will happen eventually – something that Smith disagrees with.
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Smith says Brexit was a “monumental” mistake. He doesn’t blame Corbyn for the result but the party could have worked harder in the campaign. He wants a second referendum or a general election to decide the issue of the UK’s EU membership.
“The country was lied to by the Brexiteers,” Smith says.
For 30 years Corbyn didn’t believe in the European Union and now we are on the sidelines, adds Smith: “Under me we will fight much harder.”
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New Statesman political editor George Eaton tweets:
Smith says on current trajectory Labour will poll 22% at the next election. #LabourLeadership
— George Eaton (@georgeeaton) August 4, 2016
Smith emphasising that Labour are 14 points behind the Tories. Expect most members will blame MPs, not Corbyn. #LabourLeadership
— George Eaton (@georgeeaton) August 4, 2016
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Corbyn accuses some Labour MPs of “silly, childish behaviour”.
Smith says 172 Labour MPs have no confidence in Corbyn as leader. “We are fighting like ferrets in a sack.”
The parliamentary party is not the entirety of the Labour movement, Corbyn says.
Smith reminds Corbyn that he was the shadow work and pensions secretary who won the fight against tax credit changes.
MPs should recognise that the structure of the party has changed, Corbyn says.
Smith says the Labour leader has a duty to hold together what is a coalition. “Jeremy has not been able to hold us together in Westminster. The only people who will benefit from that is the Tories.”
Corbyn blames the recent resignations from the Labour front bench for the party’s standing in the polls.
Smith agrees that the party needs to be united: “We’ve never looked more disunited.”
Corbyn says the party’s membership is growing and doesn’t understand how Smith can complain about disunity when he resigned from the front bench.
Smith responds “I wasn’t part of any coup in the Labour party” and adds that shadow John McDonnell was happy to see the party split.
We’re underway: the first question for Owen Smith. Is he the leader that Theresa May would least like to face at the next election?
He says he thinks he is: “We’ve got to carry the fight to the Tories much more vigorously.”
Jeremy Corbyn says May doesn’t understand the feelings of ordinary people’s feelings across the country. “When we work together we do defeat the Tories.”
Big applause for Smith when he says that Labour is not defeating the Tories given that the party is 14 percentage points behind the government. “I want us to be radical - in government,” he says.
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The two MPs will set out their stall for the leadership in the 90-minute debate.
It will be the first time the two have faced each other in the contest and they will be asked questions by an audience of several hundred people.
Ahead of the showdown, both politicians have been touring the country laying out their vision for the party and trying to galvanise support.
Jeremy Corbyn dismissed claims by Owen Smith that the party is “teetering on the edge of a precipice” and could split unless there is a new leader.
Corbyn suggested rebel MPs owe the party a debt of gratitude and would not break away to form a rival movement. “I’m sure no Labour MP would even dream of walking away from the family of the Labour movement – the family of the Labour party that helped to put them in parliament,” he told a cheering audience in Dagenham, east London.
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Welcome to our live coverage of the first Labour leadership debate between Jeremy Corbyn and Owen Smith, which is being held in Cardiff.
The party will hold nine such debates over the coming weeks ahead of voting that starts later this month and ends on 21 September.
The result will be announced at a special conference in Liverpool on Saturday 24 September.
More details about the process here.
You can also watch the debate online.
