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The problem with swinging back to the centre is my understanding is that it was New Labour that killed the labour vote and put many of their safe seats up for challenge as many life long labour voters didn't recognise the party and felt abandonded and simply stopped voting, so it isn't that they left for another party but could come back, they were lost from voting all together
Surely there are some left though? And more "moderates" in the membership.
Interesting times ahead for both parties in the next few years.