Economists have criticised the treasury’s “lack of transparency” on the chancellor’s Plan for Jobs, after it was revealed that the scheme will involve up to £10bn less spending on previously planned projects.

An analysis by the Institute for Fiscal Studies (IFS) has revealed that the proposals – which Rishi Sunak said could amount to up to £30bn in support – are partly funded by spending cuts on previously planned projects and investments.

The think-tank said the failure to clarify this in its plans was “corrosive to trust”.

Sunak’s Plan for Jobs will ultimately cost around £20bn, the IFS said, adding that it was revealed with “much less fanfare” that there were reductions in previously planned spending.

According to the IFS, the Treasury’s decisions on funding for the devolved administrations suggest they expect these underspends to amount to almost £8bn, while the Office for Budget Responsibility (OBR) expects it to be around £10bn.

IFS associate director David Phillips said:

In its summer economic update last week, the UK Government launched its 30 billion Plan for Jobs.

“What it didn’t say was that almost 8 billion of that is to be paid for by spending less than previously planned on other things.

“Indeed, the whole of the 5 billion of additional capital spending trumpeted by the Prime Minister a couple of weeks ago in fact represents funding previously allocated to other capital projects which will no longer happen this year.”

The IFS said the £2bn green homes grant announced by the chancellor is funded from within pre-existing spending limits, while almost half the £400m for traineeships and apprenticeships is reallocated money.

The proportion of people receiving Covid-19 test results from regional or mobile testing units within 24 hours has fallen week-on-week.

Some 87.7% of people received the result within a day in the week ending 8 July, down slightly from 90.7% the week ending 1 July.

Last month, Boris Johnson pledged to get the results of all in-person tests back within 24 hours by the end of June

He told the House of Commons he would get “all tests turned around within 24 hours by the end of June, except for difficulties with postal tests or insuperable problems like that”.

The latest NHS Test and Trace data has been published by the Department of Health and Social Care.

Between 2 and 8 July, 3,579 cases were transferred to the service out of 3,818 people who tested positive for coronavirus in England.

Of these, 2,815 people (79%) were reached by tracers and asked to provide details of recent close contacts.

Of the 13,807 people who were identified as close contacts, NHS Test and Trace managed to contact 71% and ask them to self-isolate.

Of the cases transferred to the service, 618 people – 17% – could not be reached, while an additional 146 could not be contacted because no contact details were provided for them.

I’m Amy Walker, taking over from my colleague Lucy Campbell. I’ll be updating you on the key UK coronavirus developments throughout the day.

The government is to finally publish the greatly anticipated Russia report before the summer parliamentary recess begins next week.

A statement from the intelligence and security committee said:

The intelligence and security committee has unanimously agreed this morning that it will publish the Report on Russia prepared by its predecessor before the house rises for the summer recess. There will be no further comment.

The committee produced a report on alleged Russian interference in UK politics which was supposed to be published before last year’s general election. But the prime minister Boris Johnson withheld its release, promising it would be published “in due course”.

There will be more on this as we get it.

Here is Julian Lewis’ statement via Sky’s Beth Rigby.

The new chairman of parliament’s intelligence and security committee has condemned Downing Street’s attempt to impose its “preferred candidate” to lead the committee.

Lewis said he did not respond to a call to vote for former cabinet minister Chris Grayling as he considered it to be an “improper request”.

Lewis was expelled from the parliamentary Conservative party on Wednesday after securing the prestigious ISC chairmanship with the support of opposition members.

In a statement, he said that the 2013 Justice and Security Act explicitly removed the right of the prime minister to choose the ISC chairman and gave it to the committee members.

It was only yesterday afternoon that I received a text asking me to confirm that I would be voting for the prime minister’s preferred candidate for the ISC chair.

I did not reply as I considered it an improper request. At no earlier stage did I give any undertaking to vote for any particular candidate.

The Cabinet Office minister, Michael Gove, sidestepped questions about Lewis losing the Tory whip when asked about the issue in the Commons.

The shadow Cabinet Office minister Rachel Reeves asked:

Can the minister explain or justify the decision of his party to withdraw the whip from [Lewis], a Conservative MP for 23 years, former Royal Navy reservist and chair of the defence committee for the crime of being elected as a chair of the intelligence and security committee?

Losing the whip used to be the result of serious misdemeanour, not independent thought. What does this say about the government’s approach to expertise and scrutiny?

Gove, in his reply, said:

The intelligence and security committee’s membership is chosen by this house, an election was appropriately taken place, but whipping matters are quite properly matters for the respective whips’ offices of our parties and not for those like myself who exercise a different constitutional role.

Away from the economy, the Times (paywall) reports that hopes are up for a successful coronavirus vaccine after two leading groups got positive early results.

The paper understands that a phase-one trial involving roughly 1,000 volunteers, a University of Oxford vaccine seems to have stimulated the desired response from the immune system, indicating encouraging levels of neutralising antibodies and the mobilisation of T-cells.

The Lancet medical journal will publish early-stage human trial data from the Oxford team on Monday.

Almost a third of UK firms plan to lay off staff over the next three months in a further sign of the coronavirus pandemic’s devastating impact on Britain’s job market, according to a report.

The British Chamber of Commerce said 29% of businesses in a survey of 7,400 firms planned to cut the size of their workforce in the next three months, the highest percentage of companies planning to make redundancies since the BCC began tracking employment intentions in 1989.

The BCC said the survey was carried out prior to the chancellor, Rishi Sunak, announcing in the summer econmic update up to £30bn of fresh tax and spending measures last week to protect jobs and kickstart Britain’s economic recovery from Covid-19.

Despite those additional spending measures promised, the BCC said Sunak still needed to take further action to limit the damage for jobs, including a temporary cut in employer national insurance contributions and more funding for training staff.

Get the full story here:

For more in-depth analysis on the latest UK labour force statistics as well as rolling coverage of the world economy, eurozone, financial markets and business, head over to the Guardian’s business live blog, run by my colleague Graeme Wearden.