Would the "purge" idea work in this country?

Along the lines of a recent film there is a line of thought that says that a purge day once a year would be a good idea. What do you think. Would it work in the Uk?

Purge Day:
Annual countrywide event where all crime* is legal for one night (12 hours) from 7pm til 7am. 

Would it really lower crime rates the rest of the year?

It's already happening in a way - just not on one day. People break the law all the time and nothing happens to them.

As long as this purge day involves us normal folk being able to kill the criminals.

I've got an axe that hasn't been used in a while.

But t would be dangerous out there. Wouldn't most normal folk lock themselves at home?

What "line of thought" thinks this is a good idea.