Is it me or has the free market economy sort of backfired?

[Genius19998]

I come from the UK where people are on average experiencing a 30% drop in their living standards. Social mobility is weaker now than it was in 60s and inequality has grown. Yet we were led to believe that a free market economy is the best thing for society!

One thing I cannot understand is why costs are going up yet people's income isn't rising at the same rate? Surely these prices set by the market are illogical? Wouldn't it make more sense to lower prices, that way businesses would sell more and more people could buy them? Why doesn't Britain have a conscious anymore? What's wrong with making travel, goods and housing more affordable?