This pamphlet returns to the examination of Cameron’s Conservative Party. It aims to analyse further the contradictions of ‘Compassionate Conservatism’ that were noticeable from the beginning, and to explain why the progressive elements of this tentative movement are being sidelined. It tells the story of a Conservative Party that flirted with a progressive vision but was ultimately unable to shake off its neo-liberal economic orthodoxy and its antipathy to the state. At the crucial moment of flux, during the biggest economic crisis of a generation, it sadly turned back to a more orthodox neo-liberal political economy.