inception said: "Or just do an Americanized version set in Pittsburgh or somewhere"
I suppose you could, but I learned from people sitting near me at the National that the apartment complex where it all takes place (3 generations of inhabitants -- not related -- of the same flat, post-War to the present day) was a well-known successful progressive proejct, well-designed modern good housing for working class people, in particular from the steel mills; and that the closing of the mills in the Thatcher era of course had a huge effect -- negative -- on the once-vital Sheffield. So I think the historical and political infrastructure of the whole thing is automatically understood by the British audience. As I remember the show, I remember it almost as a mood piece -- I remember the changing moods of the thing.
So likelier would be finding a way to provide the exposition if it's going to come here, If it was a movie I'd use a voice-over and not care about it being retro.