It may be premature, but given the state of the opinion polls (Reform pulling ahead, Tories completely collapsing, Labour in slow-but-steady decline, Greens and Lib Dems way behind but gaining a little bit) I'm wondering if maybe both the Labour and Conservative Party are dying?
It seems as if there isn't really a political space for either of them now.
The Tories were always a coalition between corporate/globalist/neo-liberal plutocrats and working-class social-conservatives - and the former would now fit in much better with the "Orange book" neo-liberal Lib Dems, while the latter would fit in better with the Trump-like Reform.
Labour was always a coalition between working-class socialists and social democrats (even if some of the latter split off to form the SDP that became the Lib Dems, absorbing the dying-and-increasingly-anachronistic "Liberal" Party) and above all was supposed to represent organised Labour - something that has declined massively in influence and purpose since Thatcherism changed both the laws and the structure of the economy.
And now what's left of the 'working class' is much more fragmented and individualised and seems more identified with social conservatism than socialism, hence they'd fit better with Reform, and much of the 'middle class' has become proletarianised with their circumstances being more like that of the traditional working class, but with more formal education and more sociallly-liberal attitudes, and they'd fit better with an actual 'leftist' party, like the Greens.
In both cases there seems little political space left for either of the traditional 'two main parties'.