Guy’s conservative account of past events (7)
I believe the answer is:
history
'account of past events' is the definition.
(I've seen this before)
'guy's conservative' is the wordplay.
'guy's' becomes 'his' (I can't justify this - if you can you should give a lot more credence to this answer).
'conservative' becomes 'tory' (informal term for a Conservative Party member).
'his'+'tory'='HISTORY'
Can you help me to learn more?
(Other definitions for history that I've seen before include "eventful past" , "Study of past events" , "The record of past events" , "Account of past events" , "Chronicle" .)