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With a POD at any time after Tony Blair was elected Labour leader in 1994, how can he win a landslide similar to OTL's 418 in 1997 but then suffer a humiliating setback to somewhere around 310-330 seats, facing a strong Conservative bounce-back in 2001 (or thereabouts, I know the 2001 election was called OTL because Labour were soaring in the polls, maybe it happens a bit later or earlier TTL). This doesn't mean Labour loses power completely, but simply hold on very shakily in either minority government or something very close to it.
Bonus points if William Hague is still leading the Conservatives in 2001 and things have gone more-or-less OTL until the latter half of Blair's first term (I have a feeling this might be pretty much impossible though).

Also, any ideas as to what the results of such a shock reversal of fortunes might be? Could Blair ironically end up with a better reputation if he gets booted out relatively soon after this and hence avoids the Iraq debacle? Would the Conservative Party perhaps stick closer to its 90s/early 2000s right-wing orthodoxy with a quick return to form against New Labour?
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