This song is a swipe at The Stones' home country of England. They imply that the people are lazy and the politicians incompetent. The Stones rarely performed in England because of the huge taxes that were levied on entertainers; it was much more profitable for them to live and work elsewhere.
A "hang fire" is a delay from when a trigger is pulled on a flintlock gun and when it actually fires. The expression means a delayed response, but in this song could apply to the lazy people who won't take action. It's also a great phrase to sing, which Mick Jagger does a few different ways throughout the song, sometimes stretching out "fire," and other times keeping it contained.
The Stones first recorded the track in 1978 at the Some Girls sessions. Lyrics were added and it was repackaged for Tattoo You.
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