UK Liberal Party survives, Tories decline

Is this possible? Could the UK have a political system in which the Liberal Party was the main center-right party and Labour exists as its opposition, with the Conservative Party as a third choice? What would a system like this be like? Would the Conservative Party be a sort of UKIP-type party for those to the right of the Liberals? Would yet another party exist between the Liberals and Labour?
 
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