As I have explained repeatedly on this blog and elsewhere, government spending is not funded by tax. It is effectively funded by government creating new money in the form of promises to pay (which is why a promise is printed on bank notes), which promise is cancelled either by the government accepting back the cash it created in payment of tax or by the issue of debt to the market (which simply defers the promise from the present to the future because right now the government has decided to not tax enough to fulfil the promise by demanding tax payment).
Notes in issue are about £80 billion. Annual debt issuance (new, that is) is what, £80 billion? And I’m really pretty sure that £160 billion is less than the £700 billion in tax revenue.