William Hague: 1997-2001
The ensuing leadership election was contested by five candidates. The electorate for the contest consisted solely of the 165 Conservative MPs who had been returned to the House of Commons. The candidates were Kenneth Clarke, William Hague, John Redwood, Peter Lilley and Michael Howard, with Stephen Dorrell launching an initial bid but withdrawing before polling began, citing limited support, and backing Clarke. Clarke was the favoured candidate of the Europhile left of the party, while the three latter candidates divided right-wing support roughly equally. Hague, who had initially supported Howard, emerged second as a compromise candidate and won the final ballot after Redwood and Clarke negotiated a joint ticket which was derided as an Instability Pact by their opponents (punning on the economic Stability Pact of the European Community).
At first William Hague portrayed himself as a moderniser with a common touch. However by the time the 2001 general election came he concentrated on Europe, asylum seekers and tax cuts whilst declaring that only the Conservative Party could "Save the Pound". Though a master debater who would regularly trounce Tony Blair in the Commons, his leadership tenure was beset by poor publicity and stumbles. Despite a low turnout, the election resulted in a net gain of a single seat for the Conservative Party and William Hague's resignation as party leader.
Read more about this topic: History Of The British Conservative Party