Burn the Queen's banner (8)
I believe the answer is:
streamer
'banner' is the definition.
('streamer' can be a synonym of 'banner')
'burn the queen's' is the wordplay.
'burn' becomes 'stream' (burn is a Scottish dialect word for a stream).
'the queen' becomes 'er' (Elizabeth Regina).
'stream'+'er'='STREAMER'
(Other definitions for streamer that I've seen before include "Long decorative ribbon - thin flag" , "Banner, flag; fishing fly" , "Narrow decorative strip or flag" , "Paper ribbon - thin flag" , "Long flag or decoration" .)