It's believed Conservative Party admits hesitation after U-turn (5)
I believe the answer is:
credo
'it's believed' is the definition.
I can't tell whether this defines the answer.
'conservative party admits hesitation after u-turn' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'party' becomes 'do' (do can informally mean a party).
'admits' is an insertion indicator (to admit is to allow in).
'hesitation' becomes 'er' (sound made while hesitating - um, er).
'after u-turn' is a reversal indicator.
'er' back-to-front is 're'.
'c'+'do'='cdo'
'cdo' going around 're' is 'CREDO'.
Can you help me to learn more?
(Other definitions for credo that I've seen before include "piece of sacred music" , "A statement of one's beliefs" , "Part of the Latin Mass" , "mission statement" , "Formal statement of principles" .)