Crossword Genius

Relaxation time on lake: one’s consumed by drink (14)

Ross

I believe the answer is:

liberalisation

I'm a little stuck... Click here to teach me more about this clue!

'relaxation' is the definition.
(synonyms)

'time on lake one's consumed by drink' is the wordplay.
I cannot really see how this works, but
'time' could be 'era' (era is a kind of time) and 'era' is found in the answer.
'on' could be 'at' (I've seen this in other clues) and 'at' is located in the answer.
'lake' could be 'l' (geographical abbreviation) and 'l' is present in the answer.
'one's' could be 'is' (Roman numeral) and 'is' is located in the answer.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?

(Another definition for liberalisation that I've seen is " Removal of restrictions".)

I've seen this clue in The Times.
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