PhD Fifth of May

Ph.D. were a British group best known for their UK Top 10 hit "I Won't Let You Down" in April 1982, although the song had been a hit the previous year throughout Europe. The band took its name from the initial letters of its three founding members' surnames; Phillips, Hymas and Diamond. The name was written as Ph.D. so as to be a visual pun on the letters denoting the degree of the same name.
The song "Fifth odf May" is the seventh track on the album "Is it safe?", released in 1983.

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i dig this fantastic song since I've heard it in 1983. What could be the meaning? And what represents the date 5th of may