Gasoline prices are much higher in the UK. The UK also charges a tax, based on the displacement of your engine. For a big V-8 engine, the tax is very steep.

Apart from the cost of fuel - A lot of UK roads are exceedingly narrow and parking lots tend to be quite small. Excessively large vehicles are therefore less desirable in the UK.

I think the main reason other than the fact that UK roads are narrow, most of our roads full of curves and bends so handling and good breaking was best suited to small fast revving cars. This bread cars such as the Jaguar F type, Morgan,MG

Even today, for people who love cars we tend to go for cars designed to handle corners rather than full on forward brunt.