It's unclear, given the context; I finally heard the song again when a
local club played it on the Queen's birthday (a Beavisesque guesture
matched only by a Windsor radio station playing Fishbone's "Party at
Ground Zero" on the 10th anniversary of Chernobyl):
God save the Queen!
Fascist regime!
She ain't no human being!
<something something something>!
No future, no future,
No future for YOU!
It seems that we can take "no future" here to possibly refer to, among
other things, the Queen, or the government of England, or pretty much
anybody apart from the Sex Pistols themselves (fortunate, given the
band's recent history).
-- Evan Kirchhoff, kirchh@umich.edu