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***No, I too think its a UK built loco. The flaky look to the wheel plating screams early Wrenn to me... they never did make them as well as Hornby Dublo. I see it quite often with older loco's (Its a good bet that the insulating sleeve on the driver axles is either cracked or slightly loose due to shrinkage over time too)
Anyway...
If it was chinese built then both of the magnet field bar letterings would be reversed, for Reft and Light
Richard
Anyway...

Richard