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Yeah, I don’t think that coalition situation is likely to happen. Under FPTP, it’s too risky for the voters to try manufacture.
That said, if their popularity massively tanks and polls show they’d lose big, I could see Labour introducing it just before the next election. It would be a huge boost to their popularity.
Labour, LibDem, Green together also would have a majority, and hopefully people would vote tactically for Labour if all the right wing votes would go to one party as well, though you never know. So I’m not sure I agree with that part of the analysis.
Otherwise: yeah, it’s at least as, probably more, accurate to say Tories lost, as it is to say Labour won.
By the way the votes fell, 38% seem to have voted Tory or Reform. Ignoring how people would vote differently if the system were to change, that to me implies proportional voting would still see the right wing lose. Not nearly as much as they did now, but perhaps more securely.
I just hope Labour will think of this similarly and actually do something to make sure we get a system where that 38% doesn’t overcome the rest and leads to a Tory or even Reform government.