Prepare to cut cloth, perhaps, and cut it (7,2)

I believe the answer is:

measure up

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'cut it' is the definition.
(I've seen this in another clue)

I don't understand the rest of the clue.

(Other definitions for measure up that I've seen before include "Reach required standard" , "adequate for the job?" , "Have what it takes" , "Pass" , "determine the altitude?" .)

I've seen this clue in The Sunday Times and The Times.

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