The most common and most likely answer to this crossword clue is the 4 letter word PITT
I've seen this crossword clue in The Guardian
P
I
T
T
More clues leading to the result PITT
- Chatham offering miserable wage after 50% cut
- Leaders of Transatlantic Trade & Investment Partnership rebuffed prime minister
- Old statesman’s depression apparent in speech
- PM‘s meagre salary halved
- Past prime minister is the product of sanctimonious island race
- PM in hole, did you say?
- PM, in total twice, primarily?
Buddy explains!

The straight part
We know that "PM" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case pm = pitt.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.