Implication millions lost — terrible for the Chancellor, say (10)
I believe the answer is:
politician
'chancellor say' is the definition.
(I know that chancellor is a type of head of state)
'implication millions lost terrible' is the wordplay.
'millions' becomes 'm' (abbreviation).
'lost' indicates named letters should be taken away.
'terrible' indicates an anagram.
'implication' with 'm' removed is 'iplication'.
'iplication' with letters rearranged gives 'POLITICIAN'.
'for the' acts as a link.
(Other definitions for politician that I've seen before include "US senator?" , "Eg, an MP" , "Legislator" , "One in Westminster" , "could be Congressman" .)