Unprecedented cut in money received by story (12)
I believe the answer is:
incomparable
'unprecedented cut in money received' is the definition.
I can't judge whether this definition defines the answer.
'by story' is the wordplay.
'by' becomes 'incom' (I can't explain this - if you can you should give a lot more credence to this answer).
'story' becomes 'parable' (parable is a kind of story).
'incom'+'parable'='INCOMPARABLE'
Can you help me to learn more?
(Other definitions for incomparable that I've seen before include "Unrivalled" , "Matchless" , "Second-to-none" , "like no one else?" , "Unequalled" .)