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The Japan thing was sort of tounge in cheek as they have massive levels of debt but the markets still lend to them without worrying about their notional balance sheet.
But government borrowing is still subject to the market, and those prices will likely be higher post-Brexit and potentially under JC. Whether that negates the benefits is another story.
hugo7
Unless you're predicting interest rates post-Brexit, take another look at cost of government borrowing. Then take discounting into consideration. The UK should have been borrowing over the last handful of years and doing exactly that.
Additionally, Japan's problem is also demographic. Comparisons are not particularly useful.