Seems more like a full on rejection of Conservative policies, particularly Brexit, which isn't working out at all like the Conservatives said it would.

It is, but it’s more than that. They’ve been governing with a hash of Conservative polities, and are saddled with a moribund economy thanks, in part, to Brexit.

The worst of the policies is that they’ve been demanding a “balanced budget” and “no deficits”. That’s why the tax collection rates are so high (that Dope’s been complaining about). They’ve refused to use deficits to try to improve the economy - and it shows. Brexit made it worse. Industries have fled just across the Channel so as to have access to the vastly larger economy of the EU without so much “border red tape.” Others have just quietly folded, or accepted that they will do less business as a result of the closed border.

Britain Election Winner’s First Problem: Fix a Stagnant Economy

After more than a decade of deep budget cuts, slow growth and weak productivity, the country has struggled to overcome years of uncertainty and underinvestment.
nytimes.com - Britain economy inflation

Meanwhile the NHS, a service EVERYBODY sees, now has backlogs of unimaginable length, something that was not true when the Conservatives took over. Unemployment is high. Services are getting worse. And yes, taxes are also high, a result of that Calvinist “We must try to eliminate the deficit” mantra that Conservatives complain about but usually don’t when they’re in power. This time they tried. Oops.

Anyway, yes, wipeout. Labor has enough seats to rule without even bothering to bring in allies. No, this will no translate here, it’s a sum long overdue) of conditions enabled and prosecuted by the Conservatives for the past 14 years.

What Have Fourteen Years of Conservative Rule Done to Britain?

Living standards have fallen. The country is exhausted by constant drama. But the U.K. can’t move on from the Tories without facing up to the damage that has occurred.
newyorker.com - What have fourteen years of conservative rule done to britain