Life-limiting commercial policy of Republican politician harbouring colossal need (NB perverted) (7,12)

I believe the answer is:

planned obsolescence

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'life-limiting commercial policy of republican politician harbouring colossal need nb perverted' is the definition.
I know nothing about this answer so I can't judge whether it can be defined by this definition.

'politician harbouring colossal need nb perverted' is the wordplay.
'politician' becomes 'pence' (I can't justify this - if you can you should believe this answer much more).
'harbouring' means one lot of letters goes inside another.
'perverted' indicates anagramming the letters.
'colossal'+'need'+'nb'='colossalneednb'
'colossalneednb' anagrammed gives 'lannedobsolesc'.
'pence' placed around 'lannedobsolesc' is 'PLANNED OBSOLESCENCE'.

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I've seen this clue in The Guardian.

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