Big story about parking cut (6)
I believe the answer is:
splash
'big story' is the definition.
(a big story in a newspaper)
'about parking cut' is the wordplay.
'about' means one lot of letters goes inside another.
'parking' becomes 'p' (abbreviation on road signs).
'cut' becomes 'slash' (synonyms).
'p' placed within 'slash' is 'SPLASH'.
(Other definitions for splash that I've seen before include "coming down of an astronaut" , "Effect of fall into water" , "Water raised by blow" , "Watery sound" , "Extravagant display" .)