The most common and most likely answer to this crossword clue is the 2 plus 8 plus 3 letter word ST CRISPINS DAY
I've seen this crossword clue in The Times
S
T
C
R
I
S
P
I
N
S
D
A
Y
Buddy explains!
The straight part
We know that "Time for a speech" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case time for a speech = st crispins day.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.