Section of Government ran Chequers (7)
I believe the answer is:
tranche
'section' is the definition.
(a tranche is a section or portion of something)
'of government ran chequers' is the wordplay.
'of' indicates a hidden word.
'TRANCHE' is hidden in the letters of 'government ran chequers'.
(Other definitions for tranche that I've seen before include "A portion of something (especially money)" , "Block of shares, say" , "Part or block of something" , "portion of shares" , "Slice (of income)" .)