Cut elite troops hard to save pounds (5)
I believe the answer is:
slash
'cut' is the definition.
(I know that cut can be written as slash)
'elite troops hard to save pounds' is the wordplay.
'elite troops' becomes 'SAS' (Special Air Service).
'hard' becomes 'h' (abbreviation used in pencil classifications).
'to save' means one lot of letters goes inside another.
'pounds' becomes 'L' (abbreviation e.g. Lsd - pounds, shillings, pence).
'sas'+'h'='sash'
'sash' placed around 'l' is 'SLASH'.
(Other definitions for slash that I've seen before include "Cut; reduce drastically" , "Oblique stroke" , "Legendary guitarist" , "Cut crudely" , "Reduce (a price) greatly" .)