Quick Poll?

I was wondering if anyone has any thoughts about the Blair government's major loss in City Council elections in Britain yesterday. Labour lost 298 seats. Though they still hold a majority, this was still considered a huge loss. Could the UK be swinging towards the Conservative Party at the same time the U.S. is swinging Democrat? This would be a truly interesting turn of events, especially given the role that the war in Iraq has on both ruling parties' fortunes.