Labour hasn't lived up to its own expectation in these elections, really. It was hoping for a really headline-grabbing result to get big wins in London in long-held Tory councils, such as Barnet, Westminster, Wandsworth, Hillingdon. It didn't win any of those. In Barnet, it was set back by anti-Semitism allegations around the party, the idea that Jeremy Corbyn hadn't been strong enough in cracking down on racist comments.
In Westminster and Wandsworth, there were really huge Tory majorities, and maybe some Labour figures, including Corbyn himself, got overexcited and overoptimistic. And outside of London, it's got some gains, but it's also had some losses in Brexit-voting areas. So for an opposition party which has been in opposition for eight years, you'd really expect more of a breakthrough at this time.
UKIP have collapsed in these local elections. At the moment, they have just won two council seats across the country. One of their senior members said that the party was a bit like the Black Death, and it could recur at some point. He said this was actually a good thing.
The conservatives have been the major beneficiaries. They seem to have picked up the seats where UKIP have collapsed. And those are mainly Brexit-supporting areas. The Liberal Democrats have won Richmond Borough Council in South West London. That's a big symbolic win for them, and they may pick up a few other councils.
There's been loads of talk about a centrist revival in British politics. Not much sign of it in the polls, but if the Lib Dems can get a little bit of momentum, then they may attract those kind of voters who are dissatisfied both with the Tories and with Labour.
If you're Theresa May, the prime minister, looking at these results, I think you'd be pretty satisfied. You're a prime minister with lots of problems, but these local elections don't seem to be one of them, in the sense of the conservatives have gone up slightly in seats. They've taken some seats that were previously held by UKIP. And they haven't lost anything really embarrassing in London. So Theresa May's difficulties continue, but these won't make it particularly worse.