Maybe the UKers can help me on this one.
First of all, this song is bonkers, I dig British style of humor so this song is alright by me.
What's going on in the bass, it sounds like some kind of rake with a pick. But I'm not sure, does the bassist have some strange effect on or is it keyboard. I don't know Squeeze that well, you'll have to excuse me.
Squeeze - Cool For Cats 
