Well, that wasn't socialism since the means of production were not collectively owned. It was welfare capitalism, and I would say that it being eviscerated by neoliberal capitalism highlights a major flaw in the capitalist welfare state, that being that as long as capitalism still exists it will challenge any attempt at achieving social equality.
@Radical_EgoCom @FisherPeter
Socialism doesn't depend on collective ownership, communism does, but anyway that government took a great deal of assets into public ownership such as Rail, Health, Welfare, roads, aviation, the Bank of England, electricity, gas and steel.