What does the cryptic crossword clue "Discount Conservative being supported by meeting on record (10)" mean?

The wordplay uses a homophone (sounds like). CON (synonym="Conservative") + CESSION (synonym="CESSION") = CONCESSION The answer is CONCESSION.

Discount Conservative being supported by meeting on record (10)

Guardian Cryptic #29354 | 10 Across | 2024-04-11 flower