

The song's lyrics talk of the singer's relationship with a high society girl, disparaging the lifestyle much in the same way that " 19th Nervous Breakdown" would in a more up-tempo feel. The Stones left for a tour of Australia the following day. Spector played bass, and Jack Nitzsche provided the song's distinctive harpsichord arrangement and tamtams. Richards performed the song's acoustic guitar opening while Jagger handled vocals and tambourine (enhanced using an echo chamber). The song was recorded late one night in January 1965 while the Stones were in Los Angeles recording with Phil Spector at the RCA Studios. Richards was asked about the track in a 1981 Rolling Stone magazine interview where he admits the track relates to England and the "ugly politicians" who had caused the country to decline when the "money got tight"."Play with Fire" is credited to Nanker Phelge, a pseudonym used when tracks were composed by the entire band, even though lead singer Mick Jagger and guitarist Keith Richards are the only Rolling Stones to appear on the track. The lyrical irony and commentary on English society harkens back to some of the group's more socially contentious songs of the sixties like "Mother's Little Helper", "19th Nervous Breakdown" and "Street Fighting Man". The song is one of the few times the band wrote an overtly political song, and it is notable that it was never released as a single in England, even though the band was touring Europe during the single's North American release.

“ You know marrying money is a full time job/I don't need the aggravation/I'm a lazy slob.” The lyrics parody the English economy, lamenting an unemployed working class Englishman who would rather bet on the horses than try to marry into the upper class, the only way to get ahead in English society. The song is a bleak look at English society at the time, where labour unrest was common and high taxes prevented growth. “In the sweet old country where I come from, Nobody ever works, Yeah nothing gets done/We hang fire, we hang fire.” Written by Mick Jagger and Keith Richards, "Hang Fire" is a fast-paced, up-tempo surfer style rock and roll track, which belies the happy beat with sharp, satirical lyrics directed squarely at England's economic decline through the 1970s.

"Hang Fire" is a song by rock and roll band The Rolling Stones off their 1981 album Tattoo You.
