My instant new version of “Star of Wonder”
Isle of wonder
Isle of fright
Isle with dignitary blight
Fiscal bleeding
Coe proceeding
Soak us past our present plight.
Actually I prefer a much ruder last line which is more the measure of our glorious leaders’ opinions of the population! (Note apostrophe in correct place)
Treat us as your milch cow shite!
Boadicea's Chariot 
Second verse:
Go and live in countries far
Doesn’t matter where you are
Far from black spots
With the have-nots
Might as well be on a star!
😮
Janus: CO already parodied the second verse.
First Verse
We ex-pats from Britain all smile
Bear no grudge while living in style
We did not need nannies
To get off our fannies
and go for the extra mile.
Gold star all round.
I suppose you both realise that this is the title of the Olympic opening extravaganza?
The original doggerel had absolutely nothing to do with the country!