This chapter answers the key question of why the Conservatives lost their majority at the 2017 general election but remained in power under Theresa May. If first describes the election outcome before explaining why a leftwards moving ‘policy mood’ and the government’s record made the Tories more vulnerable than their initial poll lead suggested. It further explains how, in the context of a two-horse race, Labour’s positive campaign contrasted especially favourably with the Conservatives’ own lacklustre efforts. Finally, the electoral system channelled the distribution of votes into a hung parliament in which the Tories fell just short of an overall majority.