A flashing light normally means there is no mains power present, and only a DC current is there.
Check the fuse in the fused spur, if that is ok there is a fuse block in the panel just before the transformer..
If that fuse is ok check for any loose connections to either mains power block, the transformer and the AC connections, check there is the correct voltage across the AC connections on the panel.
If everything is ok but there is incorrect voltage at the AC connections, it may be a duff transformer.
C
Rigsby, September 2010