Conservative fit to become an old Lib-Dem leader (5)

I believe the answer is:

cable

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'become an old lib-dem leader' is the definition.
I can't judge whether this defines the answer.

'conservative fit' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'fit' becomes 'able' (similar in meaning).
'c'+'able'='CABLE'

'to' acts as a link.

Can you help me to learn more?

(Other definitions for cable that I've seen before include "Communication - wire - 200 yards in length" , "Satellite alternative?" , "Rope; message" , "Conductor for transmitting electric power" , "Telegram; thick rope" .)

I've seen this clue in The Independent.

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