Like the rest of the album, this focuses on war, and Roger Waters' displeasure with "Maggie," Prime Minister at that time. Thatcher had just initiated the Falkland Islands "war," referred to obfuscatorially in "The Post-War Dream." This is most likely what the song refers to in the lines about taking the Union Jack (name for the British flag) and Maggie taking a cruiser to make him give it back.
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