Horse from Conservative hunt set out (8)
I believe the answer is:
chestnut
'horse' is the definition.
(I know that chestnut is a type of horse)
'conservative hunt set out' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'out' is an anagram indicator (out can mean wrong or inaccurate).
'hunt'+'set'='huntset'
'huntset' anagrammed gives 'hestnut'.
'c'+'hestnut'='CHESTNUT'
'from' is the link.
(Other definitions for chestnut that I've seen before include "Deep reddish-brown" , "Wooden" , "Old joke - edible kernel" , "comedian's overused line?" , "Golden to reddish brown colour" .)