Crossword Genius

Everyone was in debt, it is conceded (7)

Ross

I believe the answer is:

allowed

'conceded' is the definition.
('allow' can be a synonym of 'concede')

'everyone was in debt' is the wordplay.
'everyone' becomes 'all' (all people).
'was in debt' becomes 'owed' ('they owed' means 'they were in debt').
'all'+'owed'='ALLOWED'

'it is' is the link.

(Other definitions for allowed that I've seen before include "Gave permission" , "permissible" , "Given the chance" , "Permitted and granted" , "Acknowledged" .)

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