Isn't this what happened with the former red wall seats?
Yes, absolutely. And it is also happening, in a less concentrated form, with other types of voters who have often voted Labour. They are losing people over this.
What's interesting to me though is that they seem to be completely blind to the fact that the traditional left and traditional conservatism have a lot of overlap. Partly they are confused by the fact that modern neoconservatives are really economic liberals and maybe they don't have much real exposure to traditional conservatism.
In truth though the traditional left and traditional conservatives are both anti-liberal economically and to some extent socially, they tend to see things like class as nested sets of social responsibilities as well as rights, they tend to be composed of somewheres rather than anywheres and see connections to land and place as important, and they tend to see nation-states as the most important location, in most instances, for political autonomy to manifest, they tend to see significant economic self-sufficiency and dignified work, at the level of families and geographical communities to be necessary for a healthy society and to allow real political autonomy for families and communities.
To a significant extent the disagreement between the groups is historically related to the change from agrarian to industrialized society, and how to give those who could potentially be exploited by those with more power in the hierarchy political autonomy and means to protect their interests.
A Conservative Party that tried to harness these elements while jettisoning some of the liberal elements could be very powerful. The latter might be a battle, but there are other reasons that economic liberalism may be on the wane.