They probably could have. The Matilda was one of the best early-war tanks to see combat - no, stop laughing, it's true. Excellent armour for the time and although somewhat slow still fast enough to operate effectively with the infantry who made up the bulk of all armies. The weaponry was also not bad - the 2-pounder gun was somewhat underwhelming, true, but it was no worse than what the Germans were putting on their panzers at the time. If I recall correctly there were versions armed with a 75mm howitzer for close-support, and with a larger turret ring it could have taken a 6-pounder when they came into service.
So the basis for a better tank was there. Unfortunately there was always some pesky industrial problem with combining good protection with good speed, which played into the doctrinal gap between I-tanks and cruiser tanks. The latter had been helpful to persuade the "horsey" cavalry units that their new role would not be so far removed from what they were used to, but in North Africa it was quickly revealed that they fell well short of the mark.
The inter-war armour theorists - Fuller and Hobart et al - had struggled to persuade the army of the merits of the new technology, and as a result had considerably overstated what the new armoured units would be capable of. British armoured divisions had masses of tanks and very little else and coordination with infantry units was poor, leading to a decidedly sub-par performance.
I don't want to monologue about British armoured doctrine too much, but I think the essential problem lies there: once the will to produce a decent "universal" tank exists British industry can start to make steps towards it, but I think it'll be critical to have something which removes the division between cruiser tanks and infantry support.