The 'God Save the Queen' band changed the course of musical history with their outrageous lyrics, behaviour and shock tactics in the 70s, and he thinks the political climate is right for the same thing to happen again.
He told TNT magazine: ''I was young, 21 years old, didn't really have clue what was going on. It was a time when no one had jobs and the country was a mess, pretty much like it is now. It's like its gone full circle.
''There needs to be a new band. There ain't been a movement for a few years.
''I'm tired of people just using us 35 years later as the ones who got up and said something about what was happening.''
Steve - who was in the group with singer John Lydon, drummer Paul Cook and bass player Glen Matlock, who was later replaced by Sid Vicious - also said just because they had an confrontational image didn't mean the band couldn't play well.
He added: ''The biggest misconception is that we couldn't play. We were a tight band and we could play with the best of them: The Who, The Beatles or the Rolling Stones. People think we just went in there and made a racket.''
Steve also hasn't ruled out a reunion tour, which would be the band's first since 2008.
He said: ''I'm sure when someone needs a new motor or something, we'll get out on the road.''