Clue: New Labourite losing head, with yen to be flashy (5)
Answer: LAIRY
Explanation: Definition: flashy
 "Blair"(Tony, British Labour Party leader who was a key figure in the New Labour, the brand used to signify a newly reformed party) **minus its 1st letter**(losing head) + Y(abbrev. for "yen", the Japanese currency unit).
Defn: …/ostentatious.