It's not the whole point.
The aspect you are missing is that if we simply pay ourselves more, to pay for our more expensive goods and services, which in turn makes our goods and services even more expensive... then no-one other than Brits will buy our overly expensive goods and services. And moreover, Brits will increasingly buy from abroad where these goods and services are available more cheaply. Goodbye English Coxes, hello French Golden Delicious. Goodbye Lloyds, hello Santander.
So our entire export business and balance of trade collapses and and with it, our economy.
We do not live in a bubble. The only way to sustainably pay ourselves more is to increase productivity and to do higher value work. i.e. get out of low paid work. Get machines to do it, or people from other countries who are prepared to do it for less. Your proposed "solution" does not and cannot work.