Hi Guys, many thanks for your feedback.

With your help I have solved the problem
With no throttle responce, not even a change of engine note; Like Steve I suspected the main diaphragm. I removed the carb and drained out the petrol. I then connected a vacuum cleaner to the head side of the carb, switched on and opened the throttle, the vacuum slide did not move. But it was very free to move by finger.
I totally striped the carb and found the air valve cover had bowed by 0.015 inch. I lapped this out with a piece of wet and dry on a flat surface and then carfully rebuilt the carb. I then did the vacuum cleaner trick again and the vacuum slide rose to it top position. Bingo!
I test drove the bike again today and the difference is quite substantial. Even without trying it was up to and over 80mph. On the way home i diverted to the M27 and waited for a large gap in the traffic. The bike almost touched the max speed of the official bike test before I had to close down. I don't normally go that fast!
So, the bike was not restricted in the first place.
How many other XBR500 are there out there with this simple but debilitating fault.
Thanks to you all
Trevor