Sorry, no online dictionaries contain the exact phrase subsidy reduction.
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Reverse dictionary results:
1. allowance
 2. tax
3. relief
4. aid
5. aided
6. aif
7. assistance
8. aud
9. funding
10. grant
 11. grants
12. help
13. subvention
14. support
15. taxed
16. taxes
17. taxing
18. tsx
19. bounty
20. subsidiary
 21. taille
22. abatement
23. abating
24. alleviation
25. austerity
26. credit
27. credited
28. credits
29. cut
30. cutback
 31. cuts
32. dall
33. decline
34. decrease
35. decrement
36. deduction
37. depreciation
38. depression
39. diet
40. diminished

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You can look up the words in the phrase individually using these links:   subsidy ?   reduction ?
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Not helpful? You might try using the wildcards * and ? to find the word you're looking for. For example, use
subs*to search for words beginning with subs, or
*tionto search for words ending with tion
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