A nothing party. If people ever took them seriously, or if they ever looked like they would win power, potential supporters would soon turn away. But some reckoned that the Tories have still much more to fear from the increase in Liberal Democrat support than Labour for the simple reason that there are far more Conservative/Liberal Marginals than Labour/Liberal marginals.
Another rather sadly reflected that there was no unwritten law that said if Labour goes down in the polls then the Conservatives will go up.