People absolutely are - one of my previous employers moved a large development team to Belfast, and another team has a team in Dublin (not the UK, but presumably their rates aren't too wildly different.)
I'm not sure if you are being tongue-in-cheek or not, but it's at least a workable idea. Outsourcing in my experience is an almost unredeemable shitshow, with far, far more misses than hits, but going the cheapest possible route is much more expensive in the long run. The timeshift between US and British working hours is a lot more convenient, if nothing more.