No 10 publishes list of 34 new political peerages including 25 Labour, five Liberal Democrats and three Conservatives – as it happened

Downing Street publishes list including ex-Olympic swimmer Sharron Davies and Iceland supermarket chief Richard Walker

Reeves criticises budget leaks and says income tax decision taken ‘in partnership’ with PM

Chancellor defends budget but tells MPs there were ‘too many leaks’ and that and much of them were inaccurate

Fact check: Trump’s racist and false claims on immigration and cost of living

US president’s speech veered into baseless attacks on inflation, migrants and Ilhan Omar as he revived grievances

Bank of England expects budget will cut inflation by up to half a percentage point

In a boost for Rachel Reeves, deputy governor says analysis shows chancellor’s policies will lower annual rate next year

Davey claims ‘historic victory’ for Lib Dems after tokenistic vote in favour of customs union with EU – as it happened

The vote will have no practical impact, despite Davey’s ‘historic’ claim

Local authorities in England and Wales warn finances at ‘breaking point’

More councils expected to fall into bankruptcy in near future as they face nervous wait over government funding

Forcing UK banks to support credit unions would help keep loan sharks at bay

High street banks dodged a windfall tax – now they should invest in growth of local lenders

Friday briefing: After ​constant leak​s and ​a resignation​, is the OBR ​still ​fit for ​purpose?

In today’s newsletter: ​Critics say the OBR’s growing influence has outpaced its accountability​, raising questions about whether it serves the public, the Treasury, or the markets

Explaining UK debt with biscuits: Labour MPs get the hang of viral content

Gordon McKee, whose explainer has racked up 3m views, leads way as party tries to harness power of social media

Is the UK economy really as bad as we think it is? Here is the truth of the matter

From income to home ownership and public services, everybody is disgruntled – but for different reasons, says economist Jonathan Swarbrick

Fear of facing the future has British politics stuck in the past

Keir Starmer and Rachel Reeves claim to be dealing with the world as it is, but seem to yearn for a world that has disappeared, says the Guardian columnist Rafael Behr

OBR chief’s exit may ease pressure on Rachel Reeves but the battle isn’t over

With the row deepening over budget leaks, who is most likely to replace Richard Hughes in the increasingly thankless role of chair?

MPs launch inquiry into Andrew’s lease arrangements at Royal Lodge – as it happened

Justice secretary expected to pull back from plans to reserve jury trials from only the most serious cases

OBR complained to Treasury before budget about leaks spreading ‘misconceptions’

Official tells MPs there was lots of information appearing in the press that ‘wasn’t particularly helpful’

The most misleading thing about Rachel Reeves’s budget? Who it was really for

Labour backbenchers have been cheering it as a win for the most vulnerable in society. In fact it was aimed at the bond markets, says Guardian columnist Aditya Chakrabortty