There's a Red one in central England, by the way (5)
I believe the answer is:
ditch
'way' is the definition.
(thesaurus)
'there's a red one in central england by the' is the wordplay.
I cannot quite see how this works, but
'one' could be 'i' (Roman numeral) and 'i' is found within the answer.
'central' could be 'c' (common abbreviation in various government acronyms) and 'c' is found within the answer.
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is present in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for ditch that I've seen before include "Narrow channel" , "Dump; channel" , "Forsake" , "Dump (informal)" , "Scrap" .)