Conservative taunt or bluff (4)
I believe the answer is:
crag
'bluff' is the definition.
(I've seen this in another clue)
'conservative taunt' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'taunt' becomes 'rag' (synonyms).
'c'+'rag'='CRAG'
'or' acts as a link.
(Other definitions for crag that I've seen before include "Rocky hilltop" , "Steep rugged rock or cliff" , "Rugged rock face" , "Avant-garde" , "Steep or rugged cliff face" .)