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Honour
to
have
value
producing
puzzle
(6)
Honour to have value producing puzzle (6)
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The definition is at the end of the clue.
How the clue works
The definition is puzzle, meaning to confuse or bewilder. The wordplay is a charade: BEM comes from "Honour", referring to the British Empire Medal, and USE means "value" (as in "of use" or "of value"). Put together, BEM + USE gives BEMUSE.