Tabloid rat we'd confused with monk (10)
I believe the answer is:
downmarket
'tabloid' is the definition.
(both can mean cheap or not prestigious)
'rat we'd confused with monk' is the wordplay.
'confused with' indicates anagramming the letters.
'rat'+'wed'='ratwed'
'ratwed' with its letters anagrammed with 'monk' can make 'DOWNMARKET'.
(Other definitions for downmarket that I've seen before include "lower class" , "Budget" , "with less prestige" .)