That was what my first thought was but I can't get my head around it, or see it being fair game (even in the '70s when the house was built).

This is an actual cable TYPE - i.e. there are only 2 conductors in the sheath - a red live and an uninsulated earth.

Just re-terminating it into a junction box now. Got plenty of new cable but no way i can be arsed cutting boards upstairs to get access to replace it

Unless of course it has to be removed?

Cheers!

Neil.