beaker:
Or should that read "Martin, whats happening!"
Probably, but I'll try in the meantime
The first question is, are you really receiving in stereo? Flick the mono switch off & on and try to tell if you can hear a difference. If the sound stays mono, the decoder isn't working, or the signal isn't strong enough after all.
If you definitely hear the program in stereo but the light doesn't come on, it is an electronic problem with the light control. On FM stereo, a transistor (the one mounted separately for cooling) on the decoder board feeds the voltage to the bulb, on other sources it comes simply through a switch. The transistor may have failed, I seem to recall it runs rather hot for a small-signal germanium type.
The decoder can actually play in stereo and still not even try to turn the light on, there's a separate subcarrier detector (a tuned LC circuit) for the light. It might just be out of adjustment, but don't go blindly turning anything, it is unlikely to happen in practice. One of mine is just slow to light the bulb!
I have repaired some bad solders on these. If there's really no stereo, it is a little hard to diagnose without an oscilloscope to follow the 19/38 kHz signals.