Keep money from house party in Bedfordshire town (4,3,2)
I believe the answer is:
hold out on
'keep money' is the definition.
(hold out on can mean to keep money from someone)
'house party in bedfordshire town' is the wordplay.
'house' becomes 'ho' (abbreviation for house).
'party' becomes 'do' (do is a kind of party).
'in' indicates putting letters inside.
'bedfordshire town' becomes 'Luton' (town in Bedfordshire).
'do' inserted within 'luton' is 'ldouton'.
'ho'+'ldouton'='HOLD OUT ON'
'from' acts as a link.
(Another definition for hold out on that I've seen is " Refuse to give".)