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Notes -
My top questions are:
It seems unlikely that it's specifically migration that's destroying the UK Tories. It probably plays a part, but the poll support has for the most part not gone to Reform but to also pro-migration Labour.
The clearest reason would still seem to be increasing dissatisfaction with the Brexit, combined with an extra helping of loss of trust after the "Truss shock". Labour might have promised to not reverse Brexit, at least for now, but they're stll associated with, well, not doing it. Corbyn was what allowed Tories to avoid the post-Brexit dissatisfaction for some time; after Labour got rid of Corbyn and made an extra effort to clear away Corbynism in general, that's no longer there.
Of course the migrant situation is also arguably connected to Brexit, since Brexit seems extra hollow after the promises to cut down immigration just meant that EU immigration was replaced with non-EU migration, with dividends.
It looks to me like about 50-50 in terms of where lost conservative support has flowed to. Reform was ~0 and is now 10% and the total loss of Conservative vote share is about 20pts.
I suspect a lot of voters are cross pressured working class whites outside of London: they are culturally conservative, but like the Labour welfare state and are generally low information. So depending on the issues, their support is a toss up. It sounds like in the UK the narrative is the conservatives are just lurching from failure to failure (like the Liberals in Canada) so that motivates defection. To have half of those defect to the “far right” seems material. And with Brexit no longer the animating issue, for those switchers it has to be migration.
Maybe it’s true that migration is only the issue for a small share of the population, but it’s a pretty big share of the conservative base.
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