I left school and started work in '72, so I remember it well, and yes, the 70s/80s were grim.
Inflation was high for most of the 70s. Prices doubled over about 5 years, so averaged 20% pa.
Unemployment more than doubled over a couple of years. When it hit 1m, that was shocking, then a few years later (1983-ish) it got to 3m, or close to it. But for those who were in work, we got pay rises that more or less kept up with inflation and the benefit system was a much better "safety net" than it is now. When I was unemployed for a few weeks, my mortgage interest was paid by my benefits.
There were still council houses for people that needed them, energy was nationalised and the govt kept the prices down, the NHS remained functional, public transport was efficient and affordable, and public services generally functioned well. People talk about nationalisation as though it's a form of Sovietisation, but it meant that energy, fares etc remained pretty much affordable.
I think things are much worse now than they were then. I know we had strikes, and the occasional shortage of things, but the poorest were protected by an effective welfare state.