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https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
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I do not have a full accounting of what happened exactly but broad strokes are, Thatcher broke their brains and they went New Labour, meaning they would coddle the capitalists even more than they already had been doing. This kept up, Labour became more about getting fancy jobs, the started and supported deeply unpopular wars (especially unpopular among the left), Labour started tanking again and then they chose racism to try and claw back. The only reason they are in power now is because the Conservatives fucked up so much they became functionally irrelevant. But now the attempts by the cons and labs to out-racism each other will come home to roost with Reform on the horizon, quickly gaining momentum, so Labour and especially Starmer are trying to appease both the soulless capitalists who know the end of this economic cycle is coming (and will be disastrous) and the actual fascists of Reform and their voters. They are chasing fictional voter groups that will never vote for Labour while hemorrhaging their actual voter base to the Greens because hey, wasn't Labour supposed to not be a fascist island of job-hopping dickholes?
Oh and a lot of social-democrats literally just died. Not even kidding, in statistics a not-insignificant voter base they had just straight up died and now Labour is standing on their graves going 'please vote for us again, we're racist now please'
Yeah, the rot started with Blair got in and killed off Clause IV. Before that, at least lip service was being given to public ownership.
And the reason there aren't young socialists and social-democrats is because young people know that Labour, as currently constituted, is just Tory Lite. And the Tories have become a Reform clone.