@ greg stephens - "I refuse to believe that anybody could be so gormless as to imagine words like that could be a trad song."

It was Radcliffe and Maconie on their show who said that it "it looks like it's a traditional song, or it sounds like it's a traditional song", so maybe the OP was merely repeating their question. No need to impute impure motives to him.

They also said it was found "two weeks ago" (two weeks before 21 July, presumably) in a tape box under her bed (32:55 at http://www.bbc.co.uk/iplayer/console/b00t38c9 )