This paper utilizes the notion of 'policy disasters' to examine the policy developments that led to the part-privatization and marketization of probation services in England and Wales-Transforming Rehabilitation. Specifically, it examines the 'internal' component of policy disasters, drawing on semistructured interviews with senior policymakers and other relevant sources. The findings presented demonstrate that the policy dynamics relating to Transforming Rehabilitation specifically, and the departmental budget as an important underlying component, were both distinctly 'unbalanced'. This is argued to be an important explanatory factor in its extremely swift implementation and operationalization. In closing, the paper reflects on the policy studies notion of 'policy equilibrium' to consider whether the policy landscape relating to probation in England and Wales has reached a 'steady state', or whether the ongoing apparent failings of the Transforming Rehabilitation reforms may result in a further round of considerable policy change.