They lower the flow of water (5)

I believe the answer is:

falls

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'water' is the definition.
(falls is a kind of water)

I don't understand how the remainder of the clue works.

(Other definitions for falls that I've seen before include "suffers defeat" , "See 6 Down" , "Victoria or Niagara, for example" , "Goes down" , "Cascade" .)

I've seen this clue in the Evening Standard.

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