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Some sort of early 70s flashback establishing Michael Caine's Arthur character?
Found on this site,
"Jellyfish worked on the VFX for the movie including a complex sequence involving Michael Caine looking 40 years younger"
Must say I thought Caine's character one of the darkest, and smartest things about the movie, and there is obviously a lot more to him than meets the eye.
Arthur appears to be one of the 'snobs' throughout the movie, but in his dying breath ("YOU DIRTY LI'TTLE FUCKER") he reveals a working class accent not unlike that of Eggsy, suggesting he has betrayed his background in a similar way to Samuel L Jackson's character in Django Unchained. I wonder if this was suggested during Jackson and Caine's scene together.