Similar situation as well. The UK had just exited a period of stagflation caused by the oil recessions + a lesser firm or austerity because of fears of the country needing an IMF bail out loan. Come the 80s and the government was all about "growth" and slashed tax rates for people and businesses, tried pushing for huge investment and basically wanted to completely restructure the UK economy into finance.

Arguably, it actually did work back then with the UK effectively going last to first on G7 growth rates. But it was more down to luck then anything. They got very lucky with the timing of this policy as opposed to now when it could possibly be the worse time.