I think we know roughly where the uk is on what is becoming a tedious and unnecessary repeat of the same mistakes.
Sweden got rich under laissez-faire and nearly wrecked itself trying to forget it. Between 1870 and 1970, Sweden ran one of the freest economies in Europe: low taxes, open trade, sound money, and entrepreneurs like the Wallenbergs and Ingvar Kamprad building world-class firms. By 1970 Sweden ranked fourth in OECD per capita income. Then the social democrats decided prosperity was automatic and started spending it.
You know what happened next if you understand incentives. Government spending blew past 60 percent of GDP by the late 1980s. Marginal tax rates crossed 85 percent. In 1976 Astrid Lindgren, the children's author, calculated her effective marginal rate at 102 percent and wrote a satirical fairy tale about it in Expressen. She paid the state more than she earned. Not a single new net private-sector job appeared between 1950 and 1990. Every job added came from the public payroll. Capital fled, IKEA's ownership moved offshore, and by 1993 Sweden had slid to roughly 14th in the OECD income rankings.
The 1991-93 crisis forced honesty. The krona collapsed, interest rates briefly hit 500 percent, and the political class ran out of other people's money in real time. What followed was one of the sharpest market-oriented turnarounds in modern history. Carl Bildt's government introduced universal school vouchers in 1992, letting for-profit schools compete for every student. Sweden partially privatized pensions in 1998 with individual investment accounts. It deregulated taxis, rail, telecom, postal services, and electricity. It abolished the inheritance tax in 2004 and the wealth tax in 2007. Corporate tax fell from 52 percent to 20.6 percent. Spending dropped nearly 20 points of GDP.
Notice what you never hear from the "democratic socialism" crowd: Sweden's welfare state produced stagnation. Its recovery came from cutting, privatizing, and deregulating. Bernie Sanders praises a country that killed its estate tax while he campaigns to raise yours. The lesson free market economists have taught for a century holds here perfectly. Wealth comes from capital accumulation and voluntary exchange. Redistribution consumes it. Sweden ran the experiment twice, in both directions, on live television.
The Swedes learned. The question is whether you will before your own government runs the same experiment.