High debt ratios should fall at a fast pace, given the favourable interest-growth (i-g) environment we are in. The favourable environment means higher deficits and debt ratios can be sustained. But with higher debt ratios comes instability – things can change quickly and there is more uncertainty. There are many pressures that we know are coming. These include ageing-related costs like pensions. These pressures will raise deficits and add to debt further.