Exercising restraint, as the Queen is said to do in spirit (7,2)
I believe the answer is:
reining in
'exercising restraint' is the definition.
'do in spirit' is the wordplay.
'do in' becomes 'reinin' (I can't explain this - if you can you should give a lot more credence to this answer).
'spirit' becomes 'gin' (I've seen this before).
'reinin'+'gin'='REINING IN'
'as the queen is said to' acts as a link.
I am not very happy about this link. Some or all of it may belong to another bit of the clue.
I've seen this clue in The Guardian.
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