The most common and most likely answer to this crossword clue is the 4 plus 4 letter word LONG TERM
I've seen this crossword clue in The Daily Telegraph
L
O
N
G
T
E
R
M
Buddy explains!

The straight part
We know that "describing far-sighted policy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case describing far-sighted policy = long term.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LONG TERM mean?
LONG TERM adjective- Becoming evident after a relatively long time period.
- Extending over a relatively long time period.