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For the Magpies, they ended their 56-year wait for a trophy but, in doing so, forced the Reds to relinquish their control over the competition.
Throughout the match, there were some talking points, including penalty appeals from Liverpool for a handball by Kieran Trippier, which went unpunished, as well as a cynical challenge from Joelinton late on, leaving Harvey Elliott in a heap on the floor.
Ultimately, Arne Slot's side ran out of steam and they were overran by a dogged and determined Newcastle team, denying the Dutchman his first piece of silverware at Anfield.
John Brooks was the man in the middle at Wembley as the ECHO assess the big talking points from the capital;
Kieran Trippier handball
With any handball decision, or non-decision, comparisons are made between whether it would be given in the Premier League or in Europe.
Liverpool appealed, it was checked and cleared by VAR and play continued; moments later, Burn evaded Alexis Mac Allister and powered a header home to break the deadlock.
The ECHO review: While it wasn't as clear as that handball incident during Liverpool's encounter with Arsenal last season, which saw Martin Odegaard handle the ball as he went to ground, there were solid grounds for an appeal.
However, experts in the studio were in agreement that there was no deliberate infringement, despite Trippier earning an advantage with the action.
The ECHO verdict: Brooks made the right decision, ultimately.
Kieran Trippier appears to handle the ball during Liverpool's Carabao Cup final with Newcastle.
However, it was ruled out for offside.
The ECHO review: The initial feeling was that Isak was in an offside position with Ryan Gravenberch the furthest Liverpool man back.
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