Reform are significantly further right and saw most of the bleed from the Conservatives (who are more a mix of centrist and right), rather than Labour benefiting from their votes quite as directly. So in essence it’s a bunch of right voters going further right, but as a result splitting the vote of the right to help the left.
Seems like the majority from both sides are fed up of the Conservatives. LD and Greens are a better fit with Labour, but Labour have enough of a majority to get laws passed without needing anyone else.
I’m not sure what to expect on the policy front just yet going forward, but at least the party in power for 14 years needs to get a lesson when they F about for so long as if there are no consequences.