Sorry the URL got mangled:

http://www.mustrad.org.uk/enth13.htm

AND there is a great version of the 'Cut' here:

http://vimeo.com/17437484

Also it seems that the original BBC Radio Ballads inspired others to create their own:

The Lost Days of Steam

http://www.themusicwellhome.co.uk/programme.aspx?path=LostDaysOfSteam

Welcome to 'The Lost Days of Steam', a documentary inspired originally by the 40th anniversary of the end of regular steam operation on British Railways. It serves as an aural record of music, poetry and recollections of railway workers and enthusiasts alike and offers a balanced view between the romantic and the realistic standpoint held by those who cared for what now seems a lost way of life.

And then there is something more local:

http://www.ebay.co.uk/itm/SOUTHEND-RADIO-BALLADS-songs-stories-and-memories-seaside-town-BBC-recd-/280811722140

Are there any other similar Radio Ballad programmes?