The May figure is reduced to 500, for a time (3)

I believe the answer is:

day

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'time' is the definition.
(I know that day is a type of time)

I can't explain the rest of the clue.

(Other definitions for day that I've seen before include "24 hour period" , "Particular date" , "24 23 acrosses" , "Born yesterday" , "Lewis as poet" .)

I've seen this clue in the Evening Standard.

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