The tragedy is we even had some decent policy in the election manifesto. But rather than offering a story for Britain’s future, it read more like a telephone directory. We lost the election and we could be out of power for a generation. What will determine our future now is how deeply we rethink and how quickly we regroup. The new political reality is this: the coalition Government has done more to modernise and rebrand the Conservative Party than anything since Margaret Thatcher.