According to the Frankly, Mr Shankly Songfacts, it is reputed that the song addresses Geoff Travis, the head of the Smiths' record label Rough Trade. Travis acknowledged in an interview with Mojo April 2011 that a line in the song about "bloody awful poetry" was a reference to a poem he had written for Morrissey.
Frankly, Mr. Shankly, this position I've held
It pays my way, and it corrodes my soul
I want to leave, you will not miss me
I want to go down in musical history