Lloyd, who had supported the Tory Edward Kynaston* in the county election in 1698, was quick to put himself forward as a candidate to succeed Kynaston when the latter died in May 1699, and he was returned unopposed at the by-election and again at the next general election. In December 1701 he was returned after a contest, having stood with fellow Tory Roger Owen* against two Whigs, one of whom was his own brother-in-law Richard Corbet*. Lloyd voted on 26 Feb. 1702 for the motion vindicating the proceedings of the Commons over the impeachments of the King’s Whig ministers.
Defeated in a three-cornered contest for the county in 1702, Lloyd was subsequently removed from the Shropshire lieutenancy following a dispute with the lord lieutenant, the Earl of Bradford (Francis Newport†), a staunch Whig. By 1705, however, an agreement had been reached to join with the Whig Sir Robert Corbet, 4th Bt.*, and Lloyd was chosen without a contest in the election that year.
Described in a list of the new Parliament as a ‘Churchman’, Lloyd voted on 25 Oct. 1705 against the Court candidate for Speaker, and in two parliamentary lists of 1708 was included among the Tories. In February 1708 he was thought unlikely to stand for re-election, his brother-in-law John Bridgeman predicting that Lloyd’s friends would ‘prevail with him to decline exposing himself’; and on 20 Feb. he was given leave of absence to recover his health. He did not put up at the general election and died on 1 June 1709, and was buried in the family chapel at Aston.