Discount Conservative being supported by meeting on record (10)

I believe the answer is:

concession

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'discount' is the definition.
(thesaurus)

'conservative being supported by meeting on record' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'being supported by' says to put letters next to each other (in a down clue, some letters hold up others).
'meeting' says to put letters next to each other.
'record' becomes 'cession' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'c'+'on'+'cession'='CONCESSION'

Can you help me to learn more?

(Other definitions for concession that I've seen before include "Compromise" , "Grant" .)

I've seen this clue in The Guardian.

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