If the water has gradually slowed and now stopped there is most likely a blockage between the hot water cylinder and the tap - usually in the tap itself. It is very likely that the tap is blocked by scale deposits (do you have hard water? can you see a white deposit around the spout?) and the problem will be fixed by either servicing/replacing the internal components of the tap or replacing the tap itself. One way to verify that it is the tap that is at fault is to check the other hot tap in the bathroom (i.e. if basin tap stopped, check the bath tap). If it works there is unlikely to be a blockage in the pipework and you can focus on the tap.
Joe, December 2005