The most common and most likely answer to this crossword clue is the 3 plus 4 plus 4 letter word THE VERY IDEA
I've seen this crossword clue in The Times
T
H
E
V
E
R
Y
I
D
E
A
Buddy explains!
The straight part
We know that "It’s outrageous" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case it’s outrageous = the very idea.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.