Conservatives should not just focus on voters lost to Reform, analysis suggests

Financial Times

February 23, 2026

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The article highlights that Conservative Party voters who have shifted left or become disengaged outnumber those leaving for Nigel Farage’s Reform party, suggesting that Tories face a more significant challenge from internal drift than external competition. Polling data reveals that while some Tory supporters are drawn to Reform, the larger issue is the growing disillusionment and migration of traditional voters toward opposition parties or away from politics altogether. The analysis underscores that economic concerns, particularly around post-Brexit policies and their impact on business and finance, have played a significant role in this shift. Many Conservative voters feel alienated by what they perceive as a drift toward centrist or progressive policies, which contrasts with their expectations for a more market-friendly approach. Understanding this dynamic is crucial for businesses and financial institutions, as it could influence the political landscape and policy-making. A fractured Tory base may lead to greater political instability, impacting business confidence and investment decisions. This shift also signals broader challenges for the UK’s economic strategy, as divisions within the Conservative Party could complicate efforts to maintain stable governance and implement coherent economic policies. For businesses, this situation highlights the importance of staying informed about potential changes in government priorities and their implications for the economy. The evolving political dynamics may require companies to adapt more agilely to shifting policy environments, particularly in sectors sensitive to regulatory changes or international trade relations. In summary, while Reform party gains have garnered attention, the bigger story is the erosion of support within the Conservative base. This internal drift poses a significant challenge for the party and could have far-reaching consequences for business and financial stability in the UK.

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Originally published on Financial Times on 2/23/2026