Moderates but doesn't, perhaps, admit to (5,4)

I believe the answer is:

tones down

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'moderates' is the definition.
('tone down' can be a synonym of 'moderate')

'doesn't perhaps admit to' is the wordplay.
'perhaps' indicates anagramming the letters.
'admit to' becomes 'own' (I can't explain this - if you can you should believe this answer much more).
'doesnt' anagrammed gives 'tonesd'.
'tonesd'+'own'='TONES DOWN'

'but' acts as a link.

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I've seen this clue in the Evening Standard.

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