If you are permanently residing in another EU/EEA country you will not be able to renew your Swedish driving licence in Sweden after 1 December 2010 but should exchange it for the licence of the country in which you live. This means that if you are living permanently in the UK you can no longer renew your Swedish licence but should exchange it for a British licence.
Exception If you live on Jersey you can still renew your Swedish drining license.

If you are temporarily living abroad in another EU/EEA country, you can still renew your Swedish driving licence. Please contact the Swedish Transport Agency for the necessary form.
Swedish Transport Agency

For information on driving in the UK on an EU licence and how to change your Swedish licence for a British one please see links to Directgov. If your licence is lost or stolen you will need to obtain written confirmation of your driving licence from the issuing licensing authority (Transportstyrelsen) to send with your application.
Driving in Britain on an EU licence
Exchanging your foreign licence