Longman Dictionary of Contemporary English homepage

axe

2 verb
     
axe2 also ax American English [transitive]
1 to suddenly dismiss someone from their job:
There are plans to axe 2600 staff.
2 to get rid of a plan, system, or service, especially in order to save money:
TV's longest running show is to be axed.
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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