In 1997, a host of well-known singers and performers contributed to a new version of this song that was released as a single to benefit the Children In Need charity. Reed sings at the beginning and end of the song, with Bono, David Bowie, Suzanne Vega, Elton John, Boyzone, Emmylou Harris
, Tammy Wynette, Shane McGowan, Gabrielle, Dr. John
, Evan Dando, Brett Anderson of Suede, Burning Spear, Heather Small, Ian Broudie, Huey of Fun Loving Criminals, Joan Armatrading, Lesley Garrett, Robert Cray, Tom Jones, Ian Broudie of The Laughing Seeds, Skye Edwards, Thomas Allen all singing lines, with jazz saxophonist Courtney Pine providing an instrumental break. Also appearing is Laurie Anderson, Reed's girlfriend at the time whom he later married.
The effort was organized by the BBC, which put together a video for the song
tagged with a message promoting their diverse music coverage: "Whatever your musical taste, it is catered for by BBC radio and television. This is only possible thanks to the unique way the BBC is paid for by you."
Released as a single, it went to #1 in the UK for three weeks and earned over £2,100,000 for the charity. Versions with just the male vocalists and just the female vocalists are included on the single.