Conservative leader in lacy clothes? Looking back, it’s ironic (7)
I believe the answer is:
cynical
'ironic' is the definition.
(thesaurus)
'conservative leader in lacy clothes? looking back' is the wordplay.
'conservative leader' becomes 'c' (I've seen this in other clues).
'clothes?' is an insertion indicator.
'looking back' says the letters should be written in reverse.
'in' inserted into 'lacy' is 'laciny'.
'laciny' in reverse letter order is 'ynical'.
'c'+'ynical'='CYNICAL'
'it's' is the link.
(Other definitions for cynical that I've seen before include "Believing the worst of motives" , "Of a pessimistic disposition about the world" , "streetwise" , "unsentimental?" , "Contemptuous, mocking" .)