Imposing spell of tyranny after cutbacks (5)
I believe the answer is:
lofty
'imposing' is the definition.
(thesaurus)
'spell of tyranny after cutbacks' is the wordplay.
'after cutbacks' indicates a hidden word.
'LOFTY' is hidden within 'spell of tyranny'.
(Other definitions for lofty that I've seen before include "Noble; aloof" , "Very high" , "Soaring" , "Tall, arrogant" , "Noble, elevated" .)