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4/1d)Private Eye will stuff outside independent fat cat's modest description? (4,4)
-E-L / -A-D
(Could be WELL SAID, WELL PAID, but I don't see why).

Private Eye will - becomes PE'll.
Pad - stuff.

Well Paid.

Thanks Trevor

sorry 'Private Eye will' becomes 'we will', we'll.

stuff= pad
independent=i
so paid

27a: Tories, say, needing time to replace Right and water down members' cover-up (9). Answer must be "pantyhose" - party/hose, with "r" in "party" replaced.....but surely not by "t" (=time), but by "n". Has Cyclops missed a trick...or have I?

needing time : NT
replacing right : RT

party becomes panty.

Well I've never come across the abbreviation "nt" meaning "needing time". National Trust, National Theatre, New Testament, Northern Territory, or even no trumps, maybe, but I think "needing time" is pushing things a bit.

it's not supposed to be an abbreviation, just the initial letters. I may be wrong anyway but can you think of a better explanation.

No, Phillip, I can't. All credit to you for thinking up that one, but I still don't like the device used by the compiler very much.