This is a British political joke: (You might have gathered by the ‘Hot Air’ Balloon!)
You need to know the three main parties:
Liberal, Conservative and Labour – there was a coalition between the Conservatives and Liberals.
A woman in a hot air balloon realised she was lost.
She lowered her altitude and spotted a man in a boat below.
She shouted to him, “Excuse me, can you help me? I promised a friend I would meet him an hour ago, but I don’t know where I am.”