Spain: Rain on the pain

Also: Britain, the US, Israel, Lebanon, and Somalia.

The Alamedas de Serranos (Flood and Rain), José Benlliure Gil, c1920, oil on canvas, Museu de Belles Arts de València, Spain.

In today’s dispatch:

• SPAIN. Devastating floods compound Sanchez's political problems.

• BRITAIN. The budget is fiscally sensible but politically dubious.

• UNITED STATES. Another insult almost evens the score.

• ISRAEL. LEBANON. The conditions do not yet seem ripe for a ceasefire.

• SOMALIA. As the UN plans a drawdown, regional tensions increase.

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SPAIN. Rain on the pain

Devastating floods compound Sanchez's political problems.

Flash floods were estimated to have killed 95, mostly in Valencia, over Tuesday and Wednesday, with warnings of further storms on Thursday. Prime Minister Pedro Sanchez declared three days of mourning after returning from India.

INTELLIGENCE. While visiting Narendra Modi, Sanchez will have hoped a sexual assault scandal in his left-wing coalition partner Sumar will have passed. Depending on how the government acts, the floods could either reinforce his reputation for political survival or damage him further. Some though not all of the flooded communities have Sumar-linked local governments. They can’t be blamed for the damage, but they’re being watched for their response.

FOR BUSINESS. Over 1,000 troops have been deployed and a crisis committee established. Floods aren't unusual for Spain, including Valencia (81 died across the province in October 1957 after a similar "DANA" or cold drop), but alert systems seem to have failed. Many are blaming the regional government, led by the conservative opposition, particularly after it dismantled a controversial emergency response unit established under Sanchez’s Socialists.

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BRITAIN. Tax and mend

The budget is fiscally sensible but politically dubious.

Chancellor Rachel Reeves handed down the Labour government's first budget Wednesday, raising taxes £40 billion per year, the most in percentage terms since 1993, including through extra duties on tobacco, air travel and private schools.

INTELLIGENCE. Prime Minister Keir Starmer said the package would spare workers by targeting "those with the broadest shoulders", but