no it didn't work well because money was spent on the wrong things. hopefully this or the next government can make some wise investments like building more homes which can help to reduce the huge housing benefit bill.
Trouble isn't that politicians from across the spectrum have an incredibly bad record for investment, whatever it was in. I am not convinced that mass council house building is going to be a massive growth stimulus. The idea suffers from the same issues as private house building, ie the regulations restricting it. If you are proposing scrapping those restrictions then why not simply allow private house building and therefore no need for extra borrowing.