He said the local election results were not an "accurate prediction" of next month's polls.
Party leaders will return to the campaign trail amid opposition fears of a Conservative landslide after the Tories made sweeping gains in the local elections.
But even as ejected Labour councillors licked their wounds, it was a worse night for Ukip, who nearly faced being wiped off the electoral map.
Losing seats to Tories was "a price Ukip is prepared to pay" for the prize of leaving the European Union, he said.
"We will have to wait and see what the final results are? and overall, of course, the turnout is much lower than you get in a general election", said United Kingdom defence secretary Michael Fallon, playing down the Conservative gains earlier today.
The Conservative party have taken control of Warwickshire County Council, winning 36 of the 57 available seats.
The Conservatives gained control of seven councils in England and Wales, such as Lincolnshire and Monmouthshire, and are also making ground in Scotland as Labour fades.
Mr Banks accused leader Paul Nuttall of "crashing the car" with his focus on Muslim issues over Brexit, and suggested that what the party now needed was "a strategic bullet to the back of the head".
Corbyn said the results were "mixed" and insisted they were "closing the gap" on the Conservatives, but acknowledged they faced a huge challenge. "But we, the whole Labour movement and the British people, can't afford not to seize our moment". The results have been "tough" for Labour but not the "wipe-out" some polls were predicting, said the party's finance spokesman, John McDonnell.
Incumbent Labour candidate Judith Cummins said: "The Tories have held their one and only seat in Bradford South".
UKIP lost all but one of the more than 100 council seats it held, as voters switched to the Conservatives now that UKIP's main goal had been achieved. Ukip was nearly completely wiped off the map, gaining just one seat - from Labour - in Padiham and Burnley West.
The results are being described as a bellwether of voting trends for the general election, with Theresa May set to sweep to victory.
The Liberal Democrats would increase to about 24 seats, while the SNP's grip on Scotland would loosen slightly, as the Tories and possibly the Lib Dems make gains there.
He said: 'We have five weeks to win the General Election so we can fundamentally transform Britain for the many not the few.
"There are some disappointing results, but there are good ones too such as holding on to the councils in Neath Port Talbot and Newport".
As Labor retained control of city hall in Cardiff, capital of Wales, the Liberal Democrats lost seats in Wales, while Wales' national party Plaid Cymru picked up a handful. "That's what we'll be doing all the way through to 8 June and we are confident that will start to resonate as we get closer to that date".
Even more importantly, the outcome of yesterday's vote shows that the voters Labour lost to Ukip are now flocking to the Tories rather than returning to Labour, a shift that could have a "significant impact" on the general election, Thrasher writes.