Three key issues that I'd raise:
When austerity kicked in, most forces offered redundancy to long-serving officers on good contracts. At the depths of the austerity era, the police practically gave up on investigation - outside of CID and other specialist department, the sheer volume of work forced the police into a purely reactive posture, dealing only with the most urgent and visible problems in the quickest way possible. When funding started to pick back up, they brought new and inexperienced staff into a dysfunctional service. The number of officers isn't down that much compared to pre-austerity levels, but huge amounts of institutional learning was lost.
A lack of resourcing and policy failures in the mental health system meant that the police - the public service of last resort - had to pick up the slack. It's now quite normal for officers to spend a substantial proportion of their time dealing with mental health calls that fundamentally aren't a police matter, or to spend an entire shift waiting to hand over an s.135/s.136 patient to a place of safety.
A lack of funding in the Courts Service and the Criminal Prosecution Service has created a huge bottleneck in the criminal justice pipeline. Cases are taking years to get to court, hearings are being repeatedly re-scheduled and the CPS have tacitly set a much higher bar on the quality of case they're willing to prosecute, all of which has an obvious impact on police resources, recidivism and the wellbeing of victims.
Dysfunction in British policing is part of a much broader dysfunction of the British state as a whole. There's a consistent story across the whole of the public sector - under-resourced services are dealing with an increasingly complex and demanding workload, because vulnerable people are being failed by multiple parts of the state simultaneously. Teachers rarely see students who are [i]just[/i] struggling in school; those kids invariably have home lives that are marred with multiple socioeconomic problems. Doctors spend most of their time treating people who aren't [i]just[/i] ill, but who are also poor and lonely and living in inadequate housing. If you'll forgive the double entendre, it's a death by a thousand cuts - services that don't have the resources to cope with their own workload are having to pick up the pieces for other services, creating a vicious circle of rising demand.