Imagine you budget savings over time for a nice vacation, but before you can go you get hit with a surprise car or house repair.
The money budgeted for vacation goes to the repair. No vacation.
That’s kind of how it is in the US. The UK government budgeted money for spending on new programs in 2025.
But this money budgeted, saved, ended up paying for unforeseen interest rate increases.
To make matters worse, not only did interest rates go up ruining spending plans, but the currency went down against the US dollar.
Not a good combination.
Could this be the end of the governing party, again?
Time will tell
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