The song gets its title from the fact that Robert Smith had believed it would be the last song the band would record, and it is also an anagram of the band's name. This song is about the suicide of friend and Associates singer Billy Mackenzie in 1997.
"Cut Here" was originally going to be the B-side with "Signal to Noise" being the A-side. This fact was confirmed in Join the Dots, with an acoustic version of "Signal to Noise" being intended to be on Greatest Hits before the switch. "Signal to Noise" was played live in The Cure's 2005 festivals because returning member Porl Thompson really liked the song. It was one of the rare B-sides to be performed live regularly. (The last was "The Big Hand" in 1992 and "Happy The Man" beforehand in 1984.) "Cut Here" was played sparingly at festivals from 2001–2002 and has not been played since.
The song was re-recorded later in 2001 for the band's twelfth studio album, Acoustic Hits, which contains eighteen re-recordings of previous songs by the band using acoustic guitars, and was only released as a limited edition bonus disc to the said greatest hits album. Because of that, this acoustic version is quite rare, and was only released on the Acoustic Hits album, as were all the songs on this album (except for the version of "Never Enough", was released in 2010 on the Brit Awards 2010 album).