A pound to one on Britain (6)
I believe the answer is:
albion
'britain' is the definition.
(Albion is a literary term for Britain)
'a pound to one' is the wordplay.
'pound' becomes 'lb' (abbreviation for the unit of weight).
'to one' becomes 'ion' (I can't explain this - if you can you should give a lot more credence to this answer).
'a'+'lb'+'ion'='ALBION'
'on' is the link.
Can you help me to learn more?
(Other definitions for albion that I've seen before include "Old name for England, perhaps perfidious" , "Albino in old England" , "Old England - football team from West Bromwich or Brighton and Hove?" , "soccer team" , "No bail for old England" .)