I don't have any fears of absolutist rule in the UK. There are too many checks and balances, and there are enough factions within each of the major parties that would resist any such tendencies.
Just as 18 years of Tory rule '79 was not good for the health of our democracy, neither was the 13 years of Labour rule which followed. I think of these things as a big pendulum. If it swings too far in one direction, then the swing back in the other direction tends to be too big too. In an ideal world, I would like to see power changing hands every second election. Two terms Tory, 2 terms Labour, or Labour's replacement........with an occasional coalition thrown in to the mix (as I've said here a number of times, I was quite a fan of the Con-Lib coalition).