The song is about a girl the narrator is seeing, named Betsy. The song indirectly is referring to her as Queen Elizabeth the Great, in a sort of ironic way, because she's kind of prudish and wants the narrator to be a greater man than he is. This is the narrator's goodbye letter to her, because he's tired of dealing with her crap.

if you were my valentine, i'd cherish you
and take you out to dine
the joy would soon begin to wane
as you build up your reasons for disdain

i haven't got the time
haven't got the time
to get you close to me
i haven't got the time
haven't got the time
to make this work

you don't like how i dress and act
and tell that to your friends behind my back
some of that is probably true but let's keep it between just me and you

i haven't go the time
haven't got the time
for you to mother me
i haven't got the time
haven't got the time
to be that great

so i like you and you like me
but what you want is what i cannot be
the picture you've got in your head
is not me but some perfect guy instead

i haven't got the time
haven't got the time
for you to lecture me
i haven't got the time
haven't got the time for you, betsy
i haven't got the time
haven't got the time