Lyric discussion by justinbaily21 

Cover art for Tramp the Dirt Down lyrics by Elvis Costello

"Tramp The Dirt Down" is not a rational protest song, nor is it a well thought-out political manifesto. Its message is simple and direct-- the Margaret Thatcher is evil, and Elvis would take pleasure in her ultimate demise. It was as bitter and savage as anything Costello had ever written, because Costello took the unusual step of actually naming names. When Costello released his anti-Tory diatribe "Pills And Soap" in 1983, he told a concerned BBC censor that the song was about cruelty to animals. There could be no clever parsing of words with this song, which included the memorable line, "When England was the whore of the world, Margaret was her Madam." - Astheygo.com

Clearly a cathardic lambasting of former Prime Minister Margaret Thatcher and her policies. Costello has long been a vocal critic of hers and once even remarked that "She doesn't have a soul. She will burn in hell." Powerful.

Not having a soul would seem to be inconsistent with burning in hell, but I guess that's poetic license.