Our Government finances do not work like our own. We have a 'fiduciary' currency which means it is not based on eg the value of gold. It is a system based on trust. Our Government can create money eg It can print more.
If our Government needs money it issues bonds ( Gilts) which people here or in foreign countries can buy and get interest. They lend their money to us to be repaid with interest after anything upto 10, 20, 30 plus years. But, the higher the interest rate goes the lower the capital sum paid when sold. We are able to raise money in this way because the UK Government has never defaulted on its debts.
Because we are a trusted country many foreign entities are prepared to buy our gilts and help us fund our needs.
There is a huge problem if we don't support our poorest well. It is much better for our economy and long term benefit if we don't keep squeezing the pay of our poorest and keep cutting pensions, salaries, benefits to eg nurses, doctors, teachers, railway workers, factory workers etc., so those people can't afford the goods we produce leading to closures of factories, shops etc. a vicious circle.
If we raise pay ( as opposed to short term profiteering) then those people will spend it and boost sales, tax take and the economy, to pay for our NHS, Education etc. Cutting wages/benefits will actually do the opposite of what seems right now, at first glance, because poor people spend all their money and so boost our economy in contrast to the rich who often hoard their money or off shore it, benefitting no one here as they are neither spending it here nor paying tax to us.
Ironically companies that refuse to give their employees rises to maximise short term profits are actually often harming their future profitability as sales will fall more and more as incomes fall. (The system we have now inherited from 14years of austerity, cutting pay, benefits, support for the poorest in society.)
We are also suffering from a large fall in our birth rate which will again be disastrous for our future. So, it is in our interests to allow people from other countries in to work here and help stabilise our economy. We have jobs that need to be done eg in hospitality, the NHS, Care Homes etc etc. We need their labour and their taxes.
Asylum seekers eg are often people who have supported us in our hour of need eg in Afghanistan. People who share our values therefore even when risking their lives. If they are hard workers/ highly educated (and they often are as they have stood up to abusive Governments) we should be grateful they have chosen the UK. If subsequently their families follow that's a bonus.