Beneath that explanation, I suspect, lies a whole raft of shenanigans instigated by Politicians, Murdoch et al.
'Commercial' interests have been after the BBC (or more accurately) the licence fee for some time. Having said that the last thing they want is for thr BBC to become free and to be financed by advertising - so their answer is to strangle the BBC by lack of funds, they got the government to freeze the licence fee. Essentailly a cut of several percent year on year.
The full F1 service goes, budgets get cut to established shows and quality is reduced, talent gets embarrassed by their contract details being leaked to the press who then scream how monsterous it is (er who owns the press in Ukanis I wonder?).
The BBC TV have had to move to Salford from London (That is a bit like Tamla Motown moving from LA to er Detroit instead of the other way around in the 60s!) to save money. ...
Also the Tories do not like the BBC as they think it is full of 'Badger watch type greenies' and the 'soft left liberal democrats and new labour support' orientated people - which it is, but generally the News and Current Affairs programmes in particular tend to be unbiased. Actually all governments hate the BBC because they do not control it.