Sense prevailed. In the time since I wrote the below post and now - some six hours or so - the BBC have reversed the decision and Fairytale of New York will be played uncensored.
I've just read one of the most bizarre and pointless of news stories in quite some time.
In the UK one of the BBC's radio stations has decided to censor a song for broadcast removing the words "faggot" and "slut" - used as insults - so that it will not cause offence to anyone listening.
The only problem I have is that the track - Fairytale of New York by Kirsty MacColl and The Pogues is 20 years old and has never been censored before. They have been happy to play the track in full with no cuts for two decades - so why start now?
Also it's only censored on Radio 1. If you tune in to one of the other BBC radio stations - 6 more nationals and over 40 local stations - you will hear the unedited version.
I don't get it.