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If you look at his government's actions in isolation, you see policies well to the left of the most liberal Democrat. He maintained the Welfare State, raised taxes (and cut them later), made huge concessions to the trade unions and only partially reversed the nationalisation of industries. However, context is important. The Conservative party won fewer votes than Labour and only a small majority so they didn't have a mandate to reverse the Welfare State. The economy was in terrible shape with no room for big tax cuts. Britain was also at war in Korea. The consensus was that the state should be heavily involved in the economy and that the main aim should be to reduce unemployment.

We also have to remember that cabinet government was stronger at that time. Churchill did not take every decision, especially on economic policy which he knew little about. He was old and several supporters complained that he was a timid peacetime leader. After his stroke in 1953 he was increasingly ineffective.