You kill competition and innovation, you get over powered trade unions, you get inefficient pricing passed down from supply & production to the consumer. Capitalism creates substantial wealth but yes it leaves others behind, making some extremely rich and others poor. Socialism creates little wealth and redistributes what is deemed excess wealth making everyone equally poor. To directly answer your question, considering 80% of our economy is built on services, no. Never.
We're not an industrial country. There is no need for a socialist economy. Socialism would work best in a developing country that produces a lot. That being said the principles of socialism and concepts within can give us prosperity, boost our economy and boost our standard of living such as a better welfare state, better access and quality to education, housing and healthcare, government intervention before market crashes, regulations on banks, and also large public sector investment and possibly ownership can all be good things. But a socialist built economy, no. A capitalist economy incorporating principles of socialism can and has worked for us and would be the best way forward for moden Britain.