Cut rate (4)

I believe the answer is:

clip

I believe this clue is a double definition.

'cut' is the first definition.
(clip is a kind of cut)

'rate' is the second definition.
(I've seen this before)

(Other definitions for clip that I've seen before include "Film excerpt" , "Magazine" , "Extract; cartridge" , "Shorten" , "It can hold cartridges and hair" .)

I've seen this clue in The Telegraph.

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