Cryptic crossword clue
Happening Conservative embraced by old money, finally to become leader of England

The most common and most likely answer to this crossword clue is the 10 letter word OCCURRENCE

I've seen this crossword clue in Independent
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The straight part
We know that "Happening" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case happening = occurrence.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does OCCURRENCE mean?

OCCURRENCE noun
  1. An actual instance when a situation occurs; an event or happening.
  2. (grammar) The lexical aspect (aktionsart) of verbs or predicates that change in or over time.

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