Sir Alan Budd resigns as head of Office for Budget Responsibility, Jean Nouvel's Serpentine pavilion, David Cameron announces torture inquiry, and Germany prepares for the World Cup semis ,in our daily audio show

The Treasury Select Committee earned its spurs during the financial crisis with some of the only public scrutiny of banks and regulators. But the need to rush through an emergency budget to deal with its aftermath has had an unfortunate side-effect: the new committtee MPs will not be in place in time to hold the chancellor to account before his highly-controversial budget is already far on its way through parliament. Missing a chance to give George Osborne a proper public grilling before it is too late is a real shame. This is the release:

People queue outside a job centre in March 2009, after official figures showed that UK unemployment had risen above 2 million for the first time since 1997. Photograph: Matt Cardy/Getty

Dan Roberts: Despite an optimistic employment forecast from the 'independent' OBR, the jobs decimation can't be disguised

The Deepwater Horizon clean-up operation in Louisiana: BP's ability to fix the mess could be affected by punitive penalties. Photograph: Lee Celano/Reuters

As BP shares plunge, the company may suspend its dividend. We look at both sides of the argument

Markets have reacted badly to the ban on naked short-selling but German chancellor Angela Merkel may have the last laugh. Photograph: Ina Fassbender/Reuters

Angela Merkel's crackdown on speculators may be the beginning of a scorched-earth policy

British Airways might not be having much luck with Icelandic volcanoes of late, but its track record in the British courts is beginning to look supernatural. It is a verdict that brings temporary relief for passengers but little credit to anyone else. Unite has been made to look incompetent, the high court has made a mockery of employment law and BA is back to square one.

Is that it? Eighteen months after the collapse of the world's largest bank, the first formal investigation into what happened concluded today with the publication of a 219-word report. Yes, that's right, the results of a crucial inquiry into Royal Bank of Scotland, a bank that once boasted $3.8tn in assets, do not fill a page. Never mind the 2,300 pages recently produced by the Icelandic Truth Commission or the 2,200 pages on Lehman Brothers, all we got was 219 rather waffly words from the Financial Services Authority lawyers.

The high court decides to block a strike by BA's cabin crew; the coalition's first economic announcements; plus Osborne v Cable

The increasing convergence between large hedge funds and traditional fund managers who deploy similar trading techniques makes a mockery of the separate labels. Hedge funds are no longer an alternative asset class, they are just more highly paid fund managers. They no more deserve special treatment on disclosure rules than they do on tax.

Dan Roberts argues that it may be satisfying to turn fire back on the financiers – but indebted countries have never needed them more

Dan Roberts: With talk of the breakup of the single currency, global financial strife may be only just beginning

Early indications are that Vince Cable is likely to play a crucial role in new coalition government with responsibility for banking and the City. On the face of it, this is good news for those who hoped for a more a radical shake-up of our broken financial system. As my colleague Jill Treanor writes this morning, Cable has advocated not just a separation of retail and investment banking, but also much tougher bonus caps and lending requirements for commercial banks

A pigeon takes to the air outside the Bank of England in the City of London. Television news crews were dispatched to the City to try to catch a glimpse of a different beast – a mythical one known as the market. Photograph: Graham Turner for the Guardian

It is not one entity – there are several markets, all expressing contradictory opinions