Crust without even a slice (3)

I believe the answer is:

cut

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'a slice' is the definition.
(I know that slice can be written as cut)

I can't explain the rest of the clue.

(Other definitions for cut that I've seen before include "Hacked off" , "minor injury" , "Clip" , "A share of the profits" , "Fail to attend" .)

I've seen this clue in the Sydney Morning Herald.

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