Recent reduction in cash (4)

I believe the answer is:

cent

'cash' is the definition.

'recent reduction in' is the wordplay.
'in' says the answer is hidden in the clue.
'CENT' is hidden in the letters of 'recent reduction'.

(Other definitions for cent that I've seen before include "Fractional monetary unit" , "Small US coin" , "Small change" , "Small American coin" , "One 100th of a dollar" .)

I've seen this clue in the Evening Standard.

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