The government is simultaneously confronting the economic consequences of the war in Iran, as spelt out starkly by the International Monetary Fund and the sharpening of arguments from some, including former Nato secretary general Lord Robertson, that the war is evidence defence spending needs to go up more and more quickly.
The thing is, spending more on defence is harder when the economy is continuing to struggle – as it has done for years and years already.
The chancellor's exasperation is palpable in an interview with The Mirror.
"This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve," Rachel Reeves said.
Little wonder she is angry. Reeves was already confronted by towering challenges and now this. And just at the moment she and other senior ministers, from Prime Minister Sir Keir Starmer down, were beginning to tentatively make the case that things were slowly improving.
