This chapter covers the three consecutive election victories recorded by ‘New’ Labour, under Tony Blair, and assesses the reasons for the party’s remarkable run of success after almost two decades in opposition. The key events of the 1992–7 parliament are recorded, showing how John Major’s Conservatives lost their reputation for economic competence shortly after the 1992 contest and never recovered from the blow of ‘Black Wednesday’. The chapter shows that the Conservatives were also seriously divided in the wake of the Maastricht Treaty (1992), and their prospects were impaired by allegations of ‘sleaze’. By contrast, Labour under Blair seemed fresh and relatively united. Apart from recounting the party’s successful campaigns in 1997, 2001, and 2005, the chapter also examines the reasons for the eventual decline of New Labour, in particular the feud between Blair and his Chancellor, Gordon Brown, but also the decision to support the USA in its war against Saddam Hussein’s Iraq (beginning in 2003). As a consequence of these troubles, New Labour’s landslide margin of victory in 1997 and 2001 was reduced significantly in 2005, despite the continuing unpopularity of the Conservatives. The anti-war Liberal Democrats emerged as a serious threat on Labour’s left. Changes in voting behaviour are also noted, in particular the continuing decline of social class as a factor in electoral outcomes.