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The problem with the BBC radio is its monopoly status. There is no practical alternative to Radio4. There needs to be at least one other national, privately owned, speech only radio station. Then the ratings would show what people wanted to listen to. It/they would need to be advert free to be truly competitive. I think it should be given part of the licence fee income to help finance it, but it should also be able to raise income through sponsorship. It makes sense to me for national newspapers to sponsor programmes, and have those programmes refer to articles in papers or on their web sites.
I see no reason why the licence fee should be used to enforce a monopoly situation.