Stretchy lace - it's broken (7)

I believe the answer is:

elastic

'stretchy' is the definition.
(something elastic can be stretched)

'lace it's broken' is the wordplay.
'broken' indicates an anagram.
'lace'+'its'='laceits'
'laceits' anagrammed gives 'ELASTIC'.

(Other definitions for elastic that I've seen before include "Springy, like a rubber band" , "Cats lie (anag.)" , "It's lace (anag.)" , "Something stretchy" , "Stretcher" .)

I've seen this clue in The Daily Express.

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