For 71 of the last 100 years they have held office. The stability and longevity of Britain's natural party of government has been part of the landscape. But election commentators struggled to find words to express this year's defeat: "wipeout", "melt-down" and "annihilation" were among the favourites.
Hague's election as leader saw the Thatcherites' revenge for the wayward pro-European years of Major's tenure. The 92 MPs who backed him in the final round knew he would commit the party to unabashed Eurosceptism. The stage is set for a major split.
"Unless the Conservative Party is a broad church, it doesn't survive," pleaded Heseltine. Hague's response was the diplomatic equivalent of two fingers: "I intend to say this is my policy - follow me".
Once the pro-Europe wing had been cursed, Thatcher could offer her blessing. As ex-minister George Walden observed, she backed him "only when the youngster learned to mouth granny's words on Europe."
Hague's first Commons speech as leader announced the start of a guerilla war against the Amsterdam Treaty and he supported a referendum on the Treaty at the Scottish Party conference. Euro-sceptics hold a big majority and the key positions in the shadow cabinet. Exclusion gives Clarke's supporters the choice of all defeated factions: wait to die slowly, or split as soon as possible taking with you the maximum number. Clarke is now waiting his moment, pledged to style himself on Heath's permanent oppositionist role from the back benches. Refusing to be compromised by a Shadow Cabinet position, and indicating that his criticisms of the Government will be "robust", he has the best possible platform to build his faction.
Two previous Tory splits have occurred, both over decisive issues of international economic policy: in 1846 over agricultural subsidies, and in the 1900s over trade. Given their small parliamentary numbers, and their distance from office, a dramatic and sudden split is unlikely. Rather the European faction are preparing for a "staged separation", as one of them told the press, beginning as a continual defiance of the Euro-sceptic whip, then resignation, culminating in an alliance with the Liberal Democrats. Reports also emerged at the time of the leadership election of talks with Labour.
The outlines of an alternative organisation already exist in the mainstream Macleod Group and the Tory Reform Group. European policy is the focal point of questions as to how post-imperial Britain positions itself in the world, awakening the great post-Second World War debates over alliance with the USA and the type of domestic economy that should be pursued. Simultaneously it questions the theme that has established the Conservatives as a party with mass support: the idea of the nation. The rise and decline of the Conservative Party should be seen in parallel with the ascent and descent of the British empire. British politics is now readjusting in the search for a new period of capitalist democracy.
The modern party, although rooted deep in British history, matured in the middle of the period of imperial expansion. In the 1840s the working class-based Chartist movement was gaining wide support with an increasingly sophisticated political strategy. The developing revolt in Ireland throughout the century threatened disorder. In response, an alliance was built around landowning aristocrats of loyalist forces in the North of Ireland, the petit bourgeoisie, military chiefs and some industrial capitalists. As the franchise widened it was clear that no party that stood solely for the interests of the landed would be elected. Disraeli famously found the formula for combining an economic policy with appeal to the working class in the slogan "One Nation". This nation was built on empire.
Chamberlain similarly championed imperial expansion as the source of social reform. The Conservative Party allowed economic concessions to the working class while speaking the integrating language of a unified nation. The working class was allowed to organise for separate interests within the boundaries of approved Labour Party politics.
From 1955 the share of the Tory vote has declined, as it struggled to adjust to the diminishing role the country played in world affairs. The profession of imperial leader has become redundant, symbolised in the Hong Kong hand-back. Losing the Ulster Unionists in the 1970s, and Scotland and Wales in the most recent election, shows the emptiness of the claim to represent all the peoples of the state. The Conservative Party in Scotland is now beginning to dissolve. The rot will ceaselessly spread southwards.
Thatcher's attempt to revive the mass base of the 1930s convinced a few of success in the early years, but by the end of the decade ministers started to head for the doors. Thatcherite economic logic dovetailed with the interests of the enormous British military complex and the City, both of which are fused to the Conservative Party. London remains one of the biggest futures markets and funds management centres in the world, directing up to half the world's acquisitions and mergers. There are good reasons why these interests want to avoid any European entanglement that would limit their money-making.
The present split in the Party, like those before, centres on a major strategic political and economic dilemma, expressing a real division of conflicting capitalist interests. As well as not having much empire left to lead, Thatcher has also put paid to the notion of the party as protector of the "One Nation".
Setting free the unhindered powers of the market undermined the social support the party relied upon. The securities of community, workplace and tradition are immaterial to the march of money. On Black Wednesday their precious pound was annihilated by the same speculators they sanctified.
Hague's proposed return to what Major called "a golden age that never was" is therefore tarnished beyond recognition. As the party gazes into the electoral void a new conservatism is being constructed.
The Labour Party under Blair has adopted the same policies favoured by capitalism without the "feel bad factor". But when the effects of this course become more apparent it is inevitable that the high poll ratings will be reversed. The Millbank machine must be aware of what's ahead. Despite the landslide in seats Labour actually received a smaller share of the vote than when defeated in 1951 and 1955, and when victorious in 1945, 1950, and 1966. This forms a powerful reason for Blair to speed the process of "centre" recomposition.
The joint cabinet committee including Ashdown indicates the future coalitionist direction. There is every reason to suppose the Clarke faction will be invited sooner or later.
A referendum on the voting system is promised. State funding for political parties will break Tory links with business and Labour's connection to the unions. The stage will be set for a new centre bloc of those committed to neo-liberal policies and closer European integration. The conditions are therefore coming together for Clarke and his allies to leave.
First, British capitalism faces a major economic challenge. British politicians will have to decide whether they want to be part of the European development or not. Second, the present leadership of the Tory Party is going for all-out Eurosceptism, forcing the pace of the split. Third and lastly, Blair is fashioning a new regroupment strategy that will provide the faction with a comfortable home.
The 1st May wipeout should be seen as the end of a period in British history - the end of the Conservative Party. What impact on political direction will a shrill right-wing force have on the Prime Minister who calls himself an "English patriot"? As the Tories race rightwards it's very likely Blair will follow.