GP rules out extravagant display (7)

I believe the answer is:

splurge

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'extravagant display' is the definition.
'splurge' can be an answer for 'display' (splurge is a kind of display). I am not certain of the 'extravagant' bit.

'gp rules out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'gp'+'rules'='gprules'
'gprules' anagrammed gives 'SPLURGE'.

Can you help me to learn more?

(Other definitions for splurge that I've seen before include "Fork out" , "Sudden burst of extravagance" , "Splash out" , "Spend lavishly" , "Not very well" .)

I've seen this clue in The Guardian.

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