Have you checked the lathe and motor will turn freely? It may be worn out brushes, more likely than a shorted motor.
If the mechanicals turn freely and the motor isn't shot (it should run slowly on a car battery if you disconnect it from the lathe), then the control board may be shot. See if you can see any obvious signs of burnt out components.
Contact Clarke or Machine Mart for spares, or you could fit a C1 board from Arc Euro http://www.arceurotrade.co.uk/Catalogue/Machine-Spares/C1-Lathe-Spares I think Warco a, Chester and Axminster all sell versions of this machine as well. Not cheap, sadly – so do test the motor first.
Neil