Rumor has it that George wrote this song in about an hour in the middle of the night while an orchestra was waiting for him. The producer of the Yellow Submarine
film needed one more song as filler and George volunteered to go write one. The song, however, was written in February of 1967 when they were working on Sgt. Pepper
. To quote Steve Turner in his book A Hard Day's Write
, "The song was a sly dig at the business arrangements of the Beatles. Their songs had always been published by Northern Songs Ltd, 30% of whose shares belonged to John and Paul with Ringo and George owning only 1.6% each. This meant that John and Paul, in addition to being the groups main songwriters, were benefiting again as prime shareholders in the publishing company. As far as Northern Songs was concerned, George was merely a contracted writer."
So, as far as George was concerned, it didn't matter what he wrote because the bulk of the money was going into other people's pockets. In the beginning, this didn't bother him, but when he started to feel that his songs were actually good, that's when he started feeling screwed.