Common sense really you can't spend what you do not have. Yes, if this is business then you would have gone bankrupt many times over or probably be hung for owing money.
The welfare state is a dream that will end. Bad concept to start with that encourages people to rely on the state or others for their own livelihood. i.e. pension etc.
I will invest my money in Norway and hopefully their black gold will sustain me for a while when things happen then I will start a Viking invasion ... not sure how good they are at handling money but let's hope not the same as their cousin in Iceland who were caught up with the hype during the "good times".
If Britain goes bankrupt everyone all over the world will feel the impact regardless of where you are. Unless of course you have farm land to grow food and stockpile of Benelli M4 to fend off zombies attacks.
Nahh ... I will just become a zombie to eat you alive ...