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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.
You're not reading that correctly. Labour lost a lot of votes to the Lib Dems either to do with being Remainers or tactical voting.