Takes on as vessel holding you and me, I say (7)
I believe the answer is:
assumes
'takes on' is the definition.
('assume' can be a synonym of 'take on')
'as vessel holding you and me i say' is the wordplay.
I cannot quite understand how this works, but
'as' is found in the answer.
'you' could be 'u' (commonly used in online communication) and 'u' is found in the answer.
'me' is within the answer.
'vessel' could be 'ss' (prefix in ship names eg SS Great Britain) and 'ss' is found within the answer.
No letters remain.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for assumes that I've seen before include "Takes to be the case" , "Puts on; accepts" , "Takes for granted or puts on" , "Take to be the case" , "dons" .)