This song is commonly held to be an attack on singer Pete Doherty, although there is more evidence against this than for it. Let's examine:
Lyrics: "I could have put my head in a bucket full of porridge and moaned about the hospital parking scheme, instead of wasting fourteen pounds that I just splashed out on your second album, for that's what it's akin to. And furthermore, you've got a s--t arm and that's a bad tattoo."
Pete Doherty's arm and tattoo are displayed on the cover of The Libertines' self-titled second album.
Lyrics: "If you're going to quote from the book of Revelation, don't keep calling it the book of Revelations."
The Libertines' song What A Waster contains the line: "The book of Revelations." (However, it doesn't actually quote from it).
Lyrics: "You only busk when it's Christmas"
Makes no sense when applied to The Libertines, although seems to work with Franz Ferdinand. Again, probably just a coincidence.
Nigel Blackwell, the song's author, is on record as saying "the song is absolutely not about Pete Doherty" and is actually about "flabby-armed bass players in local pub bands. Have the decency to develop some biceps, sir!" Given Blackwell's past form for brazen unambiguity in his celebrity-baiting numbers, he's probably telling the truth. If the song was specifically about Pete Doherty it would probably have his name in it, and be a lot more insulting.