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Relatively low spending limit a Yorkshire stereotype? (4,3)

Ross

I believe the answer is:

flat cap

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'a yorkshire stereotype?' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'relatively low spending limit' is the wordplay.
'relatively low' becomes 'flat' (I've seen this before. I am not sure about the 'relatively' bit.).
'spending limit' becomes 'cap' (I've seen this in another clue).
'flat'+'cap'='FLAT-CAP'

Can you help me to learn more?

(Other definitions for flat cap that I've seen before include "working-class symbol" , "Type of hat" , "Style of headgear" , "Headgear (of the working class?)" , "> lid" .)

I've seen this clue in The Independent.
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