It tells of a department store Father Christmas who is beaten up by a gang of poor kids who tell him to give them money instead of toys, as toys are impractical; and asks that the toys be given "to the little rich boys." At one point, a child asks the narrator to give his/her father a job for Christmas—or, if he must deliver a toy, a machine gun.
The b-side to the single was another Ray Davies composition, "Prince of Punks". It was written in the bitter aftermath of Davies' troubled stint as the co-producer for Cafe Society 's debut album, which was issued in 1975. Davies wrote as part of the lyrics, "Tried to be gay/But it didn’t pay/So he bought a motorbike instead", in direct reference to Tom Robinson, one of the band members of the short-lived Cafe Society.