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Another clue is the crankshaft pulley with its several small grooves. A lump of muck/clay etc. can lodge in these grooves making the belt jump every revolution. It did happen to mine with similar (but not 2cm.) jumping of the tensioner pulley.
I should re introduce myself at this point, I was sheff until we went B/band whereby had to change everything and a new reg. seemed the easiest way.
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Thanks for the help guys it turns out the spring inside the tensioner had weakend. So all fixed now and wasn't much of a drama to replace (few).
This forum is the best.
Toby.