Understand editor and businessman did the same thing (8,4)

I believe the answer is:

followed suit

'did the same thing' is the definition.

'understand editor and businessman' is the wordplay.
'understand' becomes 'follow'.
'editor' becomes 'ed'.
'and' is a charade indicator (letters next to each other).
'businessman' becomes 'suit'.
'follow'+'ed'+'suit'='FOLLOWED SUIT'

I've seen this clue in The Telegraph.

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