Praise about socialist by current Tory leader (6)
I believe the answer is:
credit
'praise' is the definition.
(thesaurus)
'about socialist by current tory leader' is the wordplay.
'about' is an insertion indicator.
'socialist' becomes 'red' (red is a kind of socialist).
'by current tory leader' becomes 'cit' (I am not sure about this - if you are sure you should believe this answer much more).
'red' going into 'cit' is 'CREDIT'.
Can you help me to learn more?
(Other definitions for credit that I've seen before include "gives you a good result in examination" , "Good reputation; tick" , "Honour or reliability - believe" , "Record of sum received" , "Side of an account for payments in" .)