The LDs lost a lot of support when Ashdown quit, he was pretty popular with their base. Traditionally if you were fed up with the Conservatives you voted LD, unless you were on the right wing of the Conservatives.
So essentially Labour on sub 40% has picked up maybe 5% from their average & the Conservatives have lost close to 20% with the vast majority going to Reform.
Conservatives have the same issue as the LNP where their traditional base has fragmented based on one or two policies. Neither can form government unless they bring back the electorates they lost. The only difference is the Conservatives have lost the Right wing of their base & the LNP the Left,
