Blair and Brown set the idea in the public's mind that we could have unlimited public spending with fairly low taxes by endlessly borrowing. Things really were only getting better... if you had absolutely no concerns about the long-term future of the country.
The tories/lib dems were pretty much forced into carrying on with more of the same. The public had got used to having champagne for lemonade money, so if they hadn't continued with this strategy the public would have thought that life was so much better in the good old labour days and swapped back again. They had a go at reducing spending to more sustainable levels, but got the relentless "austerity" battering from the BBC, with the heavy implication that this was merely a blip on the way back to relentless spending, which they were forced to go along with to have any chance of staying in power.
After they were re-elected they just blew money on anything. They massively over-reacted to covid by spewing money everywhere - especially to those on high salaries who got ridiculous amounts of free money. The more you earned, the more you got - the exact opposite to most benefits. Even the US handed out fixed amounts, unrelated to previous earnings. All cheered on and encouraged by Labour.
The current lot don't have a plan, are clueless and are destroying the economy. We're certain to be in recession by the end of this year.
It's very hard to see how any random bunch of people off any street could possibly do any worse than what we've had since 1997. So that's pretty much what the public's decided, we'll vote in someone we haven't had before and see what happens. We really couldn't get much worse.
I believe it's fair to say that the politicians in Reform have, as a whole, much more experience of real-world life than the current government. Labour are mostly career politicians and educational waffle backgrounds, not one of the cabinet has ever run a business.