Hi Simon,
Yes, as has been said it is just wear in the cross slide nut and screw. The Student has a fixed nut, not a split nut so without replacing the nut and screw there is no way to get rid of the backlash.
There are a few vids on the interweb of people making new nuts and also people making split nuts for them to compensate for wear, nice little project.
Mine has a fair but of backlash in the cross slide (the oiler was blocked when I got it) so I put up with a bit but it is nothing you dont get used to.. I might get round to sorting it one day..