Fleece reduced with pound discount (7)
I believe the answer is:
cheapen
'discount' is the definition.
(I've seen this before)
'fleece reduced with pound' is the wordplay.
'fleece' becomes 'cheat' (fleece can mean to cheat someone).
'reduced' means to remove the last letter.
'with' means one lot of letters go next to another.
'pound' becomes 'pen' (I've seen this in another clue).
'cheat' with its last letter taken away is 'chea'.
'chea'+'pen'='CHEAPEN'
(Other definitions for cheapen that I've seen before include "Decry or devalue" , "lower" , "Debase" , "Reduce worth, degrade" , "Degrade (something)" .)