Liar Liar by band Captain Ska criticises the Prime Minister and features her speeches and interviews alongside clips of other senior Tories with the chorus "She's a liar liar, you can't trust her, no, no, no".
The song was released on Friday and is at number seven on Tuesday's Official Chart Update.
It is set be the highest new entry on the Top 40 on Friday, the Official Charts Company said.
The new song reached number nine in the iTunes chart on Sunday.
Captain Ska are donating the proceeds of the song between food banks around the country and campaign organisation The People's Assembly Against Austerity, who supported the track.
The band said: "The success of this song shows people are fed up with this government of the rich, for the rich.
"We're overwhelmed with the support and our message is that people do have the power to change society if we act together."
A version of the song was released seven years ago in response to the coalition government and reached number 89 in the charts.