The 'big red' in question is just an attempt to describe a London bus in an abstract way and not a reference to 'Big Red' on Holloway Road, which didn't even exist back then. The lyrics are just meant to evoke a sense of summer.
lyrics
Top deck of the Big Red drifting west
Steel gleams in the rays as
The tide flows out of the day
Leaving the shingle and daze
In the heat haze tarmac shifts and bucks
Dust floating brown like sees the mote
As the water flows out of the day
You turn to me and you say…
And the day has warmed us
And the tide has worn us smoothly
Rocks crash and crack with a hiss
Laughter rings from the kids
As a stupor invades this land
Your mind sinks into the sand
Cool breezes welcome you home
Hard to see in the glare
And the water flows out of the day
Leaving the salt as you turn to me and you say…
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