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Blair set a record in 2005 for getting a majority on the lowest popular vote percentage in UK electoral history.
The thing is that for whatever reason, the boundary commissioners had turned a really pro-Labour map. Its very hard to make popular vote adjustments to get a Tory majority, or even to get them the greatest number of seats in Parliament. This is the best I was able to do using electoral calculus:
Labour 290 31.2% of the vote (down 5%)
Conservative 259 36.2% of the vote (up 3%)
Lib Dem 65 24.6% of the vote (up 2%)
SNP/ PC 11 2.3% of the vote combined
N. Ireland 18
Here is the link showing the changes in the individual constituencies: