These are new recordings made in 1962. "Recording first published 1962." And "Now Is The Hour" was clearly the A side: see both comments below and the demo image above.Comment by Whyperion:
IMDb tells me the US Release of the Film 'Gypsy' was in November 1962, I assume UK trailed by a bit, so the Decca release would tie-in with the film release (or just after). Now Is The Hour probably put on the B side as filler from Decca's library of Gracie Fields records.
I note that Gracie had swapped to EMI in the 45 era, but this and two other 7ins appeared from 1962 on Decca, maybe Decca got the Film soundtrack / song rights and the relative sucess brought on more recordings or archive material releases.