I would go with Czech Republic, the logo on the electric loco at 1:04 into the clip is that of Czech Railways, and the terminal could be Praha Masarykovo?
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It's surely Czech, mostly looks like Praha Hlvani to me - but yes, at the end could be the smaller Masarykovo.
Deep and original lyrics in the song, I must say - not.
I'm sure it was a magazine article where I first read this a few years back, it could well have been from the 'Railway Magazine' which for the last decade or so is the only one I have subscribed to, I mentioned Bulleid Pacific's specifically as I assumed during 1967 they were the only remaining steam types bar the odd BR standard type still to be seen around Waterloo.
Bulleids were indeed the only SR locos at the end, AFAIR. There were a few Ns and Us, and maybe the odd Q1 and USA tank towards the end, but I don't think they ever worked to Waterloo in the last months. (In truth, of course, even most of the Bulleids were probably built post-1948.) The rest were standard 5s, 4s and tanks. Maybe one or two LMS 412xx tanks lasted to the end too. Difficult to remember exactly. (I did 'do' Nine Elms about 10 days before the end, but don't think I have any lists.)
No doubt that Bulleids dominated the enthusiasts' minds and imaginations down there in the last few years, for sure. but Ray D himself?
One reason I doubt he had a clue is because he doesn't mention anything about the trains, or locos, in the song. If he was so moved by the end of steam, i'd have expected him to at least mention it - not necessarily the technical details, but some reference to it, the men working the locos and to them disappearing.
OTOH, more or less any spotter/enthusiast - i suspect even staff - who knew the place would connect the song with the demise of steam in general, and Bulleids in particular.
I remain very sceptical until I see hard evidence from RD himself, I'm afraid.