What system do we have in the UK now? I'd say it is more a mixed economy with public services and private. Chart that shows public spending across Europe -
https://upload.wikimedia.org/wikiped...ur-PIB.svg.png "Ratio public expenditure on GDP by country in Europe... Legend : maroon > 55%, red 50-55%, orange 45-50%, yellow 40-45%, green 35-40%, blue 30-35%, purple < 30% (not presently used)."
Hardline socialism doesn't work too well, IMO, because people are quite materialistic and like to own things.