I used to do this one in the clubs, in the '70s! I learned it from a friend of mine, so I have no guarantee that the words are 100% accurate, or that the second part of each verse belongs to the respective first half, but it does seem to be the logical chronological progression. You obviously know where all the "do the dance now, Davey" bits are, so ignoring those, this was the way I knew it:

Here we are in London, trying to make a stand...
Seen so many chances fall from clumsy hands...
They give us pennies for the years that we have spent,
With any luck we'll make enough to pay the rent...

Say, do you remember 1945...
Glad to leave the army, glad we're still alive...
Marching round the city, 'cos we can't forget the drill,
Hard to find a job when all you know is how to kill...

One more time for Queenie, -not that Queenie cares...
Queenie built the Empire -here in Leicester Square...
This old guitar is fast forgetting how to sing,
Will you still be near me when I've broken all the strings?..

I THINK that there were only the three verses, and no-one ever told me I'd missed one out! Hope this helps.

Kit Griffiths