Cryptic crossword clue
“Loses hope” is about right after spade breaks 8

The most common and most likely answer to this crossword clue is the 8 letter word DESPAIRS

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "Loses hope" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case loses hope = despairs.
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 DESPAIRS mean?

DESPAIRS verb
  1. To give up as beyond hope or expectation; to despair of.
  2. To cause to despair.
  3. (often with “of”) To be hopeless; to have no hope; to give up all hope or expectation.

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