The cinema ad uses images and soundbites from Prime Minister Blair and then contrasts them with newspaper headlines, showing where promises have not been kept. The headlines flashing up say "Council tax bills rocket" and "Violent crime soars".
All the while, a clip of Blair saying "Enough of talking" is repeated over and over.
The ad ends with the words "Imagine another five years of him" before using the Tory's General Election strapline "Are you thinking what we're thinking?"
It then tells viewers to "Vote Conservative" before ending with Blair saying "thank you". The ad will be shown on 440 screens in approximately 80 cinemas starting on Friday. The party said it expects 1m voters will see the spot before the General Election on May 5.
Launching the ad, Dr Liam Fox, co-chairman of the Conservative Party, said Blair was Britain's first karaoke leader.
"Tony Blair is Britain's first karaoke politician. When he first became Prime Minister, music and lyrics seemed to be in synch. And for some while, he sounded quite convincing.
"People even thought that he might be the real thing. What this election campaign has conclusively proved is that the suspension of disbelief is well and truly over," he said.
The ad is set to the tune 'Take that Look off Your Face', composed by Tory peer Lord Lloyd-Webber and taken from the musical 'Tell Me on a Sunday'. It was originally performed by Marti Webb.
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