Be in great need of Conservative party? (5)

I believe the answer is:

crave

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'be in great need' is the definition.
'crave' can be an answer for 'need' (I've seen this in another clue). I'm not sure about the 'be in great' bit.

'conservative party?' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'party?' becomes 'rave' (type of dance party).
'c'+'rave'='CRAVE'

'of' is the link.

Can you help me to learn more?

(Other definitions for crave that I've seen before include "Long for, desire" , "Have strong desire for, or beg as for mercy" , "Beseech" , "Really want" , "Have strong urge" .)

I've seen this clue in The Times.

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