While the headlines from the local council elections make it look like the Conservatives have been hosed into third place, only a third of English (and just English) councils were even holding them.
The current makeup of councils and councillors in England is:
Labour & Cooperative - 5,609 seats - 65 councils
Conservative - 5,395 seats - 56 councils
Liberal Democrats - 2,804 seats - 8 councils
Independents - 1,638 seats - 8 councils*
Green England & Wales - 757 seats - 1 council
Others - 46 seats
Plus 14 councils under no overall control, including minority cabinets and coalitions. I've marked the independent councils separately for our non-UK readers, as this isn't a political party but councillors who aren't affiliated with any party and where they're the largest group on any council the way in which its executive functions and how it's controlled is anybody's guess. Sometimes they form a loose "independent block" but not necessarily.
It's certainly a swing - going into Thursday it was the Conservatives first on 5,869 (66 councils), then Labour on 5,423 (57), and the Lib Dems on 2,700 (6) - and the worst big set of local election results for the Conservatives for a while, but in the big picture it's gone from 36% of councillors and 43% of councils to 33% & 37% (England only).
I guess it depends on what the next probably 8 months brings to see what the General Election looks like.