Disappointments and opportunities.(BRITAIN)

FROM almost any conservative angle, Britain's election result is disappointing.

From the standpoint of a British conservative, the Tory party lost a third election and gained very little ground. From the standpoint of an American conservative, Tony Blair, who is a loyal friend of the United States, is noticeably weakened. From the standpoint of a foreign-policy conservative, Blair's troubles are a sign of weakening support for the U.S. across Europe, even in America's most reliable ally. And from the standpoint of a philosophical conservative, the upsurge of Liberal Democrat support in university towns in opposition to Blair's modest free-market proposal of "top-up" university fees flags the difficulty of reversing even the most indefensible free lunch offered by the welfare state.

But there are signs of conservative opportunities in the current situation.

First, there are a lot of voters now in play after the election results. Labour lost 6 percent of its 2001 vote. Many more voters--about 40 percent--did not vote at all. They are open to persuasion.

Second, the upcoming issues in this parliament are likely to be conservative ones that drive people to the right--for instance, the referendum on the European constitution. The biggest issue of all will be the fiscal crises against which the IMF warned during the campaign. The government will be unable to ...