When I learnt this one it was:
And down came Margaret Thatcher, and she said
"Little Rabbit Foo-Foo
I don't like your attitude
Scooping up the field mice and bashing them on the head" ..etc etc

To be accompanied by much wagging of forefinger and benevolent dictator face. Though how Mrs T ever became the equivalent of the Good Fairy I'll never know! And there certainly wouldn't have been a Labour connection there!