From Longman Dictionary of Contemporary Englishhave your cake and eat ithave your cake and eat itBritish English, have your cake and eat it too American English spokenADVANTAGE to have all the advantages of something without its disadvantages → cake
Examples from the Corpus
have your cake and eat it• It appears the Ministry men can have their cake and eat it ... but only if we let them.• They don't imagine they can have their cake and eat it too.• You can have your cake and eat it; the only trouble is, you get fat.• That way he could have his cake and eat it too.• You can't have your cake and eat it.• First, is it an ethical investment policy to encourage people to try to have their cake and eat it?• It seems as though the council wants to have its cake and eat it.• The benefits of standardization are coupled with the capacity to respond to change-a way to have your cake and eat it too. 