This song is taken from the compilation LP A Very Special Christmas 3, which was sold in aid of the Special Olympics.
Like John Barleycorn Must Die, it came to Steve Winwood via the Watersons. It was sung by Lal Waterson on their 1965 LP Frost and Fire.
Mainly Norfolk quotes the folk pioneer A.L. Lloyd's notes on the sleeve:
This moralising carol was much used by beggars and others towards Christmas time. Its tune turns up over and again attached to such carols as The Fountain of Christ's Blood, Have You Not Heard of our Dear Saviour's Love, and The Black Decree, also to the favourite old dialogue-ballad of Death and the Lady, traceable to the sixteenth century.Anyway, it feels appropriate to our new age of austerity.