Hours more scraping and sanding and a steel frame is emerging!
It all seems to be solid.
More research identifies this as a Phillip's Jaguar. The keys to identification are the location of the pips for the pump and the original carmine paintwork.
Next step will be to degrease, mask and apply an undercoat, followed by more rubbing down.
I had ordered some purple paint, but when I tried some on an old piece of plumbing pipework I didnt like it. I have now ordered some carmine paint.
I also need to start thinking about other components...
Good news was that I sold my old Trek, so I have more space and a few pounds to keep working on this.