Found old Conservative worried, being inspired by Liberal Democrat (7)
I believe the answer is:
located
'found' is the definition.
(locating is a kind of finding)
'old conservative worried being inspired by liberal democrat' is the wordplay.
'old' becomes 'o' (abbreviation as in OT - Old Testament).
'conservative' becomes 'C' (UK political abbreviation).
'worried' becomes 'ate' (something worrying may eat someone up).
'being inspired by' means one lot of letters goes inside another (some letters breathed in or 'inspired' by others).
'liberal democrat' becomes 'LD' (common abbreviation used in UK politics).
'o'+'c'+'ate'='ocate'
'ocate' placed within 'ld' is 'LOCATED'.
(Other definitions for located that I've seen before include "Found" , "Situated in a particular spot" , "Sited" , "Pin-pointed" , "Discovered where something was" .)