The "Commons" is the House of Commons, one of two houses of the British parliament, and the song is about the behavior of British MPs ("the honourable gentlemen", as they would be referred to by the Speaker of the Commons).
The lady referred to ("and lady too") is presumably Margaret Thatcher, prime minister at the time.
The lines "for Guy went to the wall / The wrong House but the right idea" refer to Guy Fawkes, a principal figure in the Gunpowder Plot of 1605, who was arrested while attempting to blow up the House of Lords ("the wrong House"), and subsequently executed.
The "Commons" is the House of Commons, one of two houses of the British parliament, and the song is about the behavior of British MPs ("the honourable gentlemen", as they would be referred to by the Speaker of the Commons).
The lady referred to ("and lady too") is presumably Margaret Thatcher, prime minister at the time.
The lines "for Guy went to the wall / The wrong House but the right idea" refer to Guy Fawkes, a principal figure in the Gunpowder Plot of 1605, who was arrested while attempting to blow up the House of Lords ("the wrong House"), and subsequently executed.