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English firm wasted monies: time to do this! (9)


I believe the answer is:


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'time to do this' is the definition.
The definition suggests a singular noun but the answer is not.

'english firm wasted monies' is the wordplay.
'english' becomes 'E' (abbreviation).
'firm' becomes 'co' (a firm is a company).
'wasted' indicates anagramming the letters.
'monies' with letters rearranged gives 'nomise'.

Can you help me to learn more?

(Other definitions for economise that I've seen before include "cut services", "make cuts", "Scrimp", "save?", "Keep down costs".)

I've seen this clue in The Sun.
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