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Fwiw membership always drops after an election, and especially for the party that won.
That doesn’t mean this may not be an indication of a problem, but it isn’t a smoking gun.
I think it says “We got the Tories out thank fuck, now we can go support parties we actually want”
Yeah, that’s definitely the case for some. Others just won’t want to pay membership dues for 4 years before the next GE, etc.