Wednesday briefing: Five key messages that will define the budget

In today's newsletter: Labour has told two stories about Rachel Reeves' budget. Will it be an end to austerity - or an acceptance of the harsh light of fiscal reality"?

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Good morning. There will be no triumphalism, no big giveaways and certainly no rabbits out of hats: this, Keir Starmer and Rachel Reeves have been at pains to tell us, is going to be a very grownup budget. And even though Reeves will promise today that the prize on offer is immense", we might also therefore expect it to be a painful one. Since the entire thing appears to have been briefed out in advance over the last few weeks, nobody can say they haven't been warned.

In a way, it feels like two budgets: the optimism and ambition of a minimum wage rise, a major boost for the NHS, and significant new investment in infrastructure; and a bleaker story about misleading pledges, limited ambitions, and the biggest set of tax increases in budget history.

UK news | The suspect charged with the murder of three girls in Southport is to be separately prosecuted on suspicion of possessing terrorist material and producing ricin, a powerful poison, police have said. Axel Rudakubana is due to appear in court on Wednesday.

US election | Kamala Harris urged American voters to elect a new generation of leadership" in a speech at the same place Donald Trump spoke on January 6 almost four years ago. Likening her opponent to a petty tyrant", Harris told the crowd: Donald Trump would walk into that office with an enemies list ... I will walk in with a to-do list."

Middle East | Israel is not addressing the catastrophic humanitarian crisis" in Gaza, the US envoy to the UN has said, ahead of a deadline for the Israelis to improve the situation or face potential restrictions on US military aid. The warning came as Gaza's civil defence agency said 93 people had been killed in an airstrike on a crowded block of flats.

Conservatives | Britain's former colonies should be thankful for the legacy of empire, Conservative leadership candidate Robert Jenrick has said. Jenrick's comments, which follow an agreement among Commonwealth leaders that the time has come" to discuss reparations, were condemned as an obnoxious distortion of history".

Mexico | A team of researchers have stumbled on a lost Maya city of temple pyramids, enclosed plazas and a reservoir, all hidden for centuries by the Mexican jungle. The discovery was made possible by the use of laser mapping techniques in an area previously ignored by archaeologists.