Check out the carbon brushes in the motor. Theyre graphite blocks which transfer mains power to the copper segments of the motor - located at the other end of the motor from the drive pulley. Theyre probably worn down. They're quite cheap parts and easy to replace - the holders are plastic or bakelite and are generally held in with screws or plastic clips. Also, look at the copper segments to check for burning or pitting. If the copper segments are burnt or damaged you need a replacement motor or a replacement armature (motor part) if you can source one. Occasionally may be a fault in the motor drive circuit board - in which case replacement of board only real option.
Check out this site for spares : www.4directelectricals.co.uk
Check out this site for info: www.2ndwave.co.uk/manual.html
dan, February 2008