High hopes explanation

The Cut refers to the place in Cambridge (where Dave, Roger and Syd were raised from little babbies) where the local "drug dealers" would go about their business. According to "Echoes" book. The song itself is Dave reflecting on childhood, when everything was nice and cosy and well... innocent.

__________________
...then the piano lid comes down
And breaks his ****ing fingers...

It's a miracle.

Exactly. The song is full of memories and symbols and it is also strictly related to Fat Old Sun, another song of Gilmour dealing with the same subjects, the transition from childood to maturity, Cambridge, and the same bell's sound in the air...

__________________
"Don't you know there ain't no devil, it's just god when he's drunk." Tom Waits

It sure is a reference to growing up in Cambridge.

There is a Long Road in Cambridge running from Addenbrookes Hospital to Trumpington. The Causeway refers to the Fen Causeway - another long road in Cambridge. Bells in the background are very similar to how one would hear the call to Evensong from Grantcheser Meadows. A haunting sound.
I assume "a world of magnets and miracles" refers to the University ... but that is an assumption ...

It's mainly Mr. Gilmour ruminating on past glories.

Very sad song.

__________________
I'd always thought Clive was a bit odd, but when I found him hanging from a noose from the ceiling, I stopped talking to him....

I'm Satan, and you're a fool because you're buggering up your turntable.