Cutting room ultimately in the red (6)
I believe the answer is:
mowing
'cutting' is the definition.
(mowing is a kind of cutting)
'room ultimately in the red' is the wordplay.
'ultimately' says to take the final letters.
'in the red' becomes 'owing'.
The last letter of 'room' is 'm'.
'm'+'owing'='MOWING'
(Another definition for mowing that I've seen is " Cutting, grass say".)
I've seen this clue in The Guardian.
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