Crossword Genius

A pound to one on Britain (6)

Ross

I believe the answer is:

albion

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'britain' is the definition.
(Albion is a literary term for Britain)

'a pound to one' is the wordplay.
'pound' becomes 'lb' (abbreviation for the unit of weight).
'to one' becomes 'ion' (I can't explain this - if you can you should give a lot more credence to this answer).
'a'+'lb'+'ion'='ALBION'

'on' is the link.

Can you help me to learn more?

(Other definitions for albion that I've seen before include "Old name for England, perhaps perfidious" , "Albino in old England" , "Old England - football team from West Bromwich or Brighton and Hove?" , "soccer team" , "No bail for old England" .)

I've seen this clue in The Globe and Mail and The Guardian.
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