With no reduction in the price - and fat it is! (4,6)

I believe the answer is:

full figure

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'fat it is' is the definition.
I know nothing about this answer so I cannot judge whether this works.

'with no reduction in the price' is the wordplay.
'with no reduction in' becomes 'full' (full means unreduced).
'the price' becomes 'figure' (I can't explain this - if you can you should give a lot more credence to this answer).
'full'+'figure'='FULL FIGURE'

'and' acts as a link.

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