Experts round on chancellor over ‘scattergun’ budget, saying he ducked big tax and spending decisions

John Healey has backed away from cutting the cost of welfare this parliament, amid dire warnings his first budget could lead to brutal spending cuts because of a £28bn shortfall in public finances.

Experts rounded on Healey’s steady-as-she-goes budget on Thursday, with the Institute for Fiscal Studies saying he had left himself a mountain to climb by ducking big tax and spending decisions.

Possible candidate to run World Economic Forum departs ECB nine months early, saying she wants to speak her mind about world affairs

Christine Lagarde, the eurozone’s top central banker, has said she is stepping down nine months early to speak her mind about world affairs and confront the “misrepresentation of the truth”.

Ending months of speculation about her future at the European Central Bank, Lagarde said she would quit her role as president in March rather than October next year because the rules of neutrality that governed her job prevented her from influencing debate about financial and economics affairs.

Possible candidate to run World Economic Forum departs ECB nine months early, saying she wants to speak her mind about world affairs

Christine Lagarde, the eurozone’s top central banker, has said she is stepping down nine months early to speak her mind about world affairs and confront the “misrepresentation of the truth”.

Ending months of speculation about her future at the European Central Bank, Lagarde said she would quit her role as president in March rather than October next year because the rules of neutrality that governed her job prevented her from influencing debate about financial and economics affairs.

Healey’s attempt to provide ‘breathing space’ gives rich almost as much as poor, says Resolution Foundation

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John Healey delivered a “scattergun” budget that did little to boost living standards and left Britain facing “a painful second half” of the parliament, a leading economic thinktank has warned.

The Resolution Foundation said on Thursday that measures to ease household gas and electricity costs would still leave energy bills higher this year than during the last energy shock.

Struggling households, new homebuyers and small shops stand to gain, while banks and online marketplaces could face higher levies

• You be the chancellor: play our budget game to see if you can balance the books

John Healey will present his first budget on Wednesday, which will set the tone for Andy Burnham’s premiership.

Despite the chancellor’s promises in the summer that the tax and spending event would not be beset by the leaks that preceded those of his predecessor, Rachel Reeves, both official and unofficial sources have indicated much of what Healey is likely to announce. Here’s what to expect:

Yield on 10-year government bonds passes 5% amid failure to pass budget and fallout from violent street protests

France’s borrowing costs have climbed above 5% for the first time in 24 years as political concerns and the government’s failure to agree a much-delayed budget spook the financial markets.

With some civic buildings still smouldering from recent riots, a fresh bout of selling pushed up the yield – or interest rate – on bonds issued by the second largest economy in the eurozone.