I interpret this to be about casualties in war, talking to people who make the decisions -
"Gravedigger, there's blood on your hands" - This seems to me a direct attack, saying that people who make the decision to go to war may as well dig the graves themselves as they are responsible for all the death so the blood is on their hands.
"An iron fist in a velvet glove" - again, big decisions are being made (iron fist) in the same way and strategy as less shocking decisions (the "velvet glove")
"Death still flies east". This backs it up as most wars happening currently involve british troops flying east, i,e. Afghanistan, Syria, Iraq, etc.
"We bomb for peace" - how ironic.
I interpret this to be about casualties in war, talking to people who make the decisions - "Gravedigger, there's blood on your hands" - This seems to me a direct attack, saying that people who make the decision to go to war may as well dig the graves themselves as they are responsible for all the death so the blood is on their hands. "An iron fist in a velvet glove" - again, big decisions are being made (iron fist) in the same way and strategy as less shocking decisions (the "velvet glove") "Death still flies east". This backs it up as most wars happening currently involve british troops flying east, i,e. Afghanistan, Syria, Iraq, etc. "We bomb for peace" - how ironic.