On Mon, 16 Feb 2015 18:12:09 +0000, Tim Streater wrote:

Notwithstanding any of this, I'd still like to see our debt being
reduced for a few years, by running a surplus.

Apart from the two Eds, and various (other?) no-hope loony-fringers, I
don't think anybody's seriously suggesting otherwise.

We're paying far too much in interest. What happens if global interest
rates start to go up? Presumably existing debt stays at the rate that
it was borrowed at, but new debt would start to become rather
expensive, ISTM.

Plus some of the existing debt would come due for repayment, and need to
be re-funded - naturally, that would be at higher rates.