Phone bill initially reduced (6)
I believe the answer is:
blower
'phone' is the definition.
(informal term for telephone)
'bill initially reduced' is the wordplay.
I cannot quite see how this works, but
'reduced' could be 'low' (similar in meaning) and 'low' is found in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for blower that I've seen before include "It produces an air blast" , "Speaking-tube" , "Fan - telephone (slang)" , "Fan - phone" , "Telephone (informal)" .)