As said by someone I respect online - its not a 1992 repeat Labour should be more worried about, but rather a 2010. Still not sure if Starmer and co have "gamed" those scenarios as well as they should.
I presume you mean a sort of 2010 in reverse where instead of the expected Labour landslide, they just become largest party in a hung parliament and have to do a deal with the LibDems?
While obviously any party would rather have a majority, what would it mean substantively if Starmer had to form a minority government reliant on the LibDems? Are there ANY issues these days where the Labour Party has a policy that would cross a "red line" in the eyes of the Lib Dems? Seems to me that these days Labour and LDs are virtually identical on policy. Its true the Lib Dems are more adamant about wanting to rejoin the EU - but everyone knows that is not going to happen