The New Machiavelli is in many respects two separate novels. One covers very similar ground to Ann Veronica, outlining the consequences of an affair that leads to the dissolution of the protagonist's marriage. The other covers the protagonist's intellectual development, from his election as a Liberal MP to his journey away from liberalism. The combination of the two plots is perhaps not entirely successful: certainly Trollope and Disraeli both wrote better political novels.
One of the oddities here is that, given the involvement Wells had with the Fabians (he stood as a Labour candidate in the 1922 election, for example) I'd have expected this to consist of his journey towards socialism. The novel is set after the end of Balfour's premiership, midway through a very long period of liberal government that ultimately led to what Dangerfield famously described as the strange death of liberal England. Some of the grounds for that are indeed present in the novel, which describes both the suffragettes and the rise of a Labour party that was beginning to separate from liberalism. What actually happens is that the protagonist instead gravitates towards a rather idiosyncratic idea of Toryism, that largely seems to have had minimal relationship with the real thing. The Tories were, of course, to regain power after Lloyd George but although Ramsay McDonald is mentioned, the idea that he could have ended up as Prime Minister doesn't seem to have occurred to Wells.
In practice, Wells is fairly critical of all three political parties in the novel. The Tories are criticised as representing class interests and being unduly resistant to nationalisation. Labour are similarly criticised for representing class interests and being unduly enthused by nationalisation. It is fair to say that consistency was not a strong point for Wells. Liberalism is decried as having "to voice everything that is left out by these other parties... From its nature it must be a vague and planless association in comparison with its antagonist, neither so constructive on the one hand, nor on the other so competent to hinder the inevitable constructions of the civilized state. Essentially it is the party of criticism, the ‘Anti’ party."
The Wellsian idea of Toryism is largely about an elective aristocracy: alongside the rather cynical depiction of Parliamentary politics here, it's hard not to recall his later support for Stalin's benevolent dictatorship. That also emerges with his advocacy of eugenics in the novel, in the same sort of terms that I expect Mosley would also have used: "The only alternative to this profound reconstruction is a decay in human quality and social collapse. Either this unprecedented rearrangement must be achieved by our civilization, or it must presently come upon a phase of disorder and crumble and perish, as Rome perished, as France declines, as the strain of the Pilgrim Fathers dwindles out of America."
Nonetheless, Wells is nothing if not inconsistent and the novel is also strongly in favour of women's rights, favouring divorce and individual happiness rather than traditionalist collectivism: "We women are trained to be so dependent on a man. I’ve got no life of my own at all. It seems now to me that I wore my clothes even for you and your schemes." If the convergence of the two plots in the novel means anything, it's a rejection of politics as a set of institutions in favour of the individual life beyond it.
The political events are described in rather a lot of detail, ranging from the imperial preference to nationalisation of public houses: I had no idea that this was eventually attempted in Carlisle, only for them to be eventually re-privatised by the Heath government. Some of the references are a little depressing. The discussion of ending dramatic censorship was only to come into effect in the late sixties under Wilson's administration.
Although this is a realist novel rather than the science fiction Wells is best known for, it still does functions rather well as a vehicle for predicting future events. For example, Wells notes the rise of Germany as a competitor power to Britain and predicts the likelihood of a great European war: "I still think a European war, and conceivably a very humiliating war for England, may occur at no very distant date." He further predicts the decline of the Empire and the possibility of Indian independence: "Our functions in India are absurd. We English do not own that country, do not even rule it. We make nothing happen." Somewhat more prosaically, he correctly predicts the decline of the party system: "I doubt if party will ever again be the force it was during the eighteenth and nineteenth centuries. Men are becoming increasingly constructive and selective, less patient under tradition and the bondage of initial circumstances."