Implication millions missing — bad for Hunt? (10)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

Anagram (bad) of I [m] PLICATION without the M (abbreviation for millions). Definition by example, referring to the Conservative politician Jeremy Hunt, with an extended definition: as Chancellor of the Exchequer, he really wouldn’t want to find millions missing from his budget.