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Perform
better
than
leader
of
party
cutting
expenditure
(7)
Perform better than leader of party cutting expenditure (7)
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The definition is at the beginning of the clue.
How the clue works
Look at Perform better than — that's your definition. Take OUTLAY, meaning expenditure, and let the leader of "party" (just the letter P) cut into it, sitting snugly between OUT and LAY to give you OUT-P-LAY.