Kemi Badenoch has said she would rather fight two general elections in quick succession than form a coalition with Nigel Farage's Reform UK in a hung parliament.
The Conservative leader said party members at their annual conference felt "happy because we know who we are" despite remaining third in opinion polls behind Labour and Reform.
Party mood and first principles
Asked by the BBC if her party's happy mood meant it was collectively in denial, Mrs Badenoch said: "We are feeling chipper because we are going back to first principles."
She published a treatise setting out core tenets of her political philosophy as the conference started, titled The Right Way.
Mrs Badenoch acknowledged the party was "not out of the woods yet" after its crippling 2024 general election defeat, with polling showing its popularity is lower than at that time.
Election prospects and Reform stance
She added: "People at conference aren't happy because we're about to win an election, we're happy because we know who we are. We're not afraid to say what we think, and we're prepared to fight for what we believe.
"And that's the message that we're taking out to the country. And when people see that we're a different Conservative Party, they will vote for us."
Mrs Badenoch claimed the "volatile" nature of politics means the Tories could win at the next election.
She added: "I'm not saying that we would win. The current polling shows a hung parliament, no party getting an overall majority.
"My prediction is that there would be another election immediately after. But we're the only credible alternative to Labour, only ones with a plan. Look at what we talked about on defence today."
Asked if she would consider a coalition with Reform in a hung parliament, she appeared to rule out the possibility, telling the BBC: "I have said that we would have another election if there was no overall majority."
Rees-Mogg backs coalition idea
Conservative former minister Sir Jacob Rees-Mogg had earlier suggested the Tories and Reform UK should form a coalition after the next election if it prevents a left-wing government.
Sir Jacob said it would be "bonkers" not to support such a move.
At a fringe event at party conference, the audience was asked to raise their hand if they were a Tory member who would support a post-election coalition between the two parties if it meant "stopping a left-wing government".
Sir Jacob, who was speaking in conversation at the event, said: "If anyone didn't put their hand up, you're bonkers."
