Pick up story about Conservative flair
I believe the answer is:
eclat
'flair' is the definition.
(I've seen this in another clue)
'pick up story about conservative' is the wordplay.
'pick up' says the letters should be written in reverse.
'story' becomes 'tale' (synonyms).
'about' indicates putting letters inside.
'conservative' becomes 'C' (UK political abbreviation).
'tale' going around 'c' is 'talce'.
'talce' back-to-front is 'ECLAT'.
(Other definitions for eclat that I've seen before include "Splash" , "Showy effect (Fr.)" , "Enthusiastic approval" , "Splendour; renown" , "brilliant effort" .)