The most common and most likely answer to this crossword clue is the 5 letter word WELSH
I've seen this crossword clue in The Times
W
E
L
S
H
Buddy explains!
The straight part
We know that "Like Lloyd George, say" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case like lloyd george, say = welsh.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.
What does WELSH mean?
WELSH verb- To swindle someone by not paying a debt, especially a gambling debt.