The Liberal Democrats' next general election chances plummeted from 50¢ to just 5¢ as Sky News' National Equivalent Vote showed Reform UK winning 27% compared to the Lib Dems' 14% in this month's local elections. While the Liberal Democrats gained 155 council seats, the broader picture shows the UK's traditional two-party system fracturing into multi-party democracy, with Labour and Conservative parties losing large numbers of voters to Reform. The anti-immigration Reform UK party has soared in popularity and Nigel Farage said results "way exceeded" expectations, representing "historic change in British politics". The market is pricing in Reform's momentum carrying into the next general election, leaving the Lib Dems as a distant also-ran despite their current 72 MPs.