Much reduced fare (3)
I believe the answer is:
far
'much' is the definition.
(I've seen this in another clue)
'reduced fare' is the wordplay.
'reduced' means to remove the last letter.
'fare' with its last letter removed is 'FAR'.
(Other definitions for far that I've seen before include "At a great distance way" , "Very much" , "A long, long way to go" , "Remote" , "Distant" .)