This is bad. They are essentially trying to push the problem in the future by creating more debt. I suppose if they are able to effectively industrialize during that time, they may save their economy, but the bond market for the government in the UK will be so risky, that no one, even the Bank of England, will buy it to print more money to stimulate the economy.
The instant impact this will have on people from the UK will be higher rates of inflation. To control it, the Bank of England would need to increase interest rates to make loans more expense (to lower the rate of the money supply from commercial banks). However this will effective lower consumption, potentially resulting in businesses going bankrupt.
This is not good for the UK. The government will need an airtight plan with the money they'll get from the Bank of England. Subsidizing corporations who can handle the lower rates of consumption, maximizing employment seems like the more sensible decision. But regular Brits with businesses will suffer, and wealth inequality as a result of this will increase.