Any fair evaluation of the Conservative effect (2010-14) must be cognisant of the context. Tom Egerton’s chapter will place the Conservative premierships in the six external shocks Britain faced, beginning with the Great Financial Crash and the Eurozone Crisis, before the impact of Brexit (and a debate over its external and structural causes), Covid, the Russo-Ukrainian War and the inflation crisis. How did each government succeed or fail in the face of compounding shocks? What opportunities and constraints emerged as a result? Only through an analysis of a decade of poly-crisis, and in the perspective of wider political change, can we make a conclusion on the question of ‘fourteen wasted years’.