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Yes, in a large part was too much. The overall picture was obviously more complicated with part of that Lib Dem increase also coming from the tories which probably means more labour votes went to the tories to fill that gap, etc.
I'd say there's probably a million or so Labour votes that disappeared though.
Interesting to look at the actual election numbers. The conservatives didn't increase their vote hugely but Labour lost loads of votes, in a large part to no-one it seems (maybe Labour voters who "abstained" rather than vote for the conservatives?).
It will be interesting if Labour go with PR as their members are pushing for. Will give them an alternative argument at the next election.