The single was released on the Korova label in the United Kingdom on 14 January 1983 as both a 7" and 12" single. The 7" was available as a limited edition which was packaged with a cassette containing tracks from their August 1979 John Peel session which featured the drum machine that was rumoured to be called "Echo". The extra track on the b-side of the 12" release, "Zimbo", is a live recording from the first WOMAD festival in July 1982 and features the Royal Drummers of Burundi.

In a retrospective review of "The Cutter", Allmusic journalist Tom Maginnis wrote: "Echo and The Bunnymen successfully wed the Eastern influenced psychedelic sounds made famous by The Beatles. The Eastern strings re-enter at strategic points, filling in space between verses and Ian McCulloch's esoteric pleas to 'spare us the cutter!'. The track never loses steam, cruising through each section with power and grace."

The song was covered by the Dutch musician Solex on the 2001 compilation album Matador 2001: Draw Me a Riot which came free with the April 2001 edition of The Wire magazine. A version of the song, performed by Lagartija Nick, is included on the 2005 Spanish tribute album Play the Game: Un Tributo a Echo & The Bunnymen.

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