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The phrase "axe it" is correct and usable in written English, particularly in informal contexts.
It is typically used to mean to cancel, eliminate, or get rid of something, often in a casual or colloquial manner.
Example: "After discussing the budget cuts, we decided to axe it and focus on more essential projects."
Alternatives: "cut it" or "drop it".
Exact(34)
Having already halved its dividend after an earlier profits warning in December, Mr Bubb suspects HMV may axe it altogether in order to conserve cash and keep its creditors happy.
Axe it at your peril".
Apparently alarmed by the result, the ABC network decided to axe it.
It had been cut off by Krug with an axe, it is said.
The current system is still too kind to Blair to make him want to axe it.
But these are reasons to improve the Asian Network, not axe it.
Similar(26)
The corporation has its tail between its legs, having axed it and then taken it back from Amazon Prime (Jeremy Clarkson's new home) where this has already streamed.
The panel allocated $530 million for NASA's James Webb Space Telescope, reviving its fortunes after the House panel axed it.
Please bring it back if you have axed it.
If it had been, David Cameron wouldn't have axed it from the last Budget".
Already a trendy in-house magazine has been axed; it won't be missed.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com