This paper compares responses to crises through analysis of labour market policy in Sweden and the UK between the Global Financial Crises to the COVID-19 pandemic. In drawing on 'restructuring regimes' we offer insights into the dynamics of change in the two countries, focussing on the development of short-time working schemes. We argue that Sweden learned lessons from the GFC that helped prepare for future crises, whereas the UK's muted response left it ill-prepared for the COVID-19 crisis. The paper contributes to debates around restructuring regimes through an analysis of the journey between two crises in which we characterise Sweden's approach as proactive and pre-emptive and the UK's as reactive and ad hoc. By locating analysis in traditions of self-regulation and voluntarism in Sweden and the UK, respectively, we expand upon the role that industrial relations play in maintaining the stability, or not, of national restructuring regimes.