Maybe spent £1 on a politician (4)

I believe the answer is:

limp

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'maybe spent' is the definition.
'limp' can be an answer for 'spent' (thesaurus). I am not certain of the 'maybe' bit.

'ps1 on a politician' is the wordplay.
'psl' becomes 'li' (I can't justify this - if you can you should believe this answer much more).
'on' means one lot of letters go next to another (in a down clue, letters appear on others).
'a politician' becomes 'MP' (Member of Parliament).
'li'+'mp'='LIMP'

Can you help me to learn more?

(Other definitions for limp that I've seen before include "loose" , "Lacking stiffness" , "Not stiff or firm" , "Hanging loosely - hobble" , "Flabby - halt" .)

I've seen this clue in the Evening Standard.

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