^ There's this issue right now for Labour in the home counties where the Tories have significant potential downsides if things go south for them nationally, but local and historical factors means it is not Labour but the Lib-Dems positioned to flip these seats. The Lib-Dem micro-realignment has led to better results for the party in this region at the expense of the periphery, which doesn't help Labour.
As someone who lives in the Home Counties, I can confirm this, though it's even more dire for Labour than it might appear on first glance. The Tory leads in most of the seats in this area are *huge*. It will take an enormous shift to win more than a handful of seats. What's more there aren't actually very many where the demographics are changing (at all, never mind quickly enough to matter by 2023/4); I'd say maybe 20 at the most. Compounding the problem, the Lib Dem's presence very uneven. There are great local campaigns in places like Esher and Walton but they're virtually non-existent or very badly organized in places like Dorking or Tunbridge Wells.
And, as Oryx points out, this is exclusively to the benefit of the LD's, as Labour - even without Corbyn - is just plain loathed by a large proportion of the voting residents. I wouldn't be surprised if, approaching election day, some floating LD/Tory voters return to the Tories to stop a minority Labour government if it looks likely.
