Lyric discussion by bollywoodtoile 

Cover art for She Has No Time lyrics by Keane

I always saw this song as a relationship ending, and the stages experienced by both parties in the aftermath of a break-up that was not well thought-out. Each verse is a different stage, showing the changing emotions of these two people and eventually leading up to the moment where she simply "has no time" for him.

In the first verse, it seems that he was the one to end the relationship. She's still hurting, and "can hardly breathe without" him. He had given up on the relationship and has likely moved on. The line "but we're all the same" could be a foreshadowing of what is to come, that when you get down to it, everyone shares the same thoughts, and in time he will come to feel the same pain that she is currently dealing with.

The second verse is a turning point. The narrator (perhaps a friend or he himself saying it after the fact) warns him to take a look around and remember why he loved her, or "lie to yourself" and let his feelings for her "dissolve" into nothing, because he will come to regret leaving her and when he realizes it's going to be too late. This is his last chance to realize his mistake.

Finally, in the last verse, he has realized what he's lost and wants her back, but he has missed his chance to reconcile with her. She tells him "she has no time" for him anymore. She has moved on and it's too late now. It strikes me as a classic break-up scenario, where the dumper comes to regret his/her actions and comes crawling back, only to find the other person is no longer waiting for them to return.

Who knows if this is anywhere near the real meaning of the song, but I think this interpretation could make some sense.