Green’s Dictionary of Slang

cut! excl.

[cut v.4 (2)]

1. be quiet!

Field Six-Cylinder Courtship 54: ‘My dear fellow—’ I began. ‘Cut it!’ he commanded [DA].

2. go away!

[UK]‘Frank Richards’ Billy Bunter at Butlins 39: ‘Cut!’ he said briefly [...] ‘Hook it!’.