Any reader who doubts that governments, and the UK government in particular, can become insolvent, is referred to the UK War Loan Scandal of the 1930s, when the UK government faced insolvency and avoided it only by wiping out a substantial portion of the savings of the middle classes. Technically, the UK government did not become insolvent, but the consequence for much of the population was arguably even worse than if it had.
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The author is heartily grateful for this piece of advice, the value of which he can attest, and which he read in the magnificent book by Moran, R.A., 1994, Never Confuse a Memo with Reality: A Little Book of Business Lessons. London: HarperCollins.
