Unlikely relief at chancellor's contribution (3,6)
I believe the answer is:
fat chance
'unlikely' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.
'relief at chancellor's contribution' is the wordplay.
'contribution' says the answer is hidden in the clue (letters from the answer contribute to the clue).
'FAT CHANCE' is hidden in the letters of 'relief at chancellors'.
Can you help me to learn more?
(Other definitions for fat chance that I've seen before include "No likelihood at all!" , "Slender hope (odd though that sounds)" , "that won't happen" , "Little prospect" , "It will never happen!" .)