This is the Rare W2214 0-6-2 Class N2 Tank Locomotive in LMS Red. Launched by Wrenn, Basildon in Period 3 , mainly produced between 1978 and 1979 just prior to the start of Period 4. Although 945 were recorded as being issued, those seen over the years are few. As Basildon entered the Period 4 era, a further 138 were apparently issued. All to the best of my knowledge are in the "White background guard" style short box, I have not seen any in the "Yellow Guard background" short box which came in later in Period 4. The one exception to this was a copy "Curly R" box not issued by Wrenn Basildon or Cheshunt. 

The Locomotive has the standard R1 Chassis and motor, with "metal rimmed" wheels throughout including the rear bogie.  

As previously stated I would categorise this as RARE based on what I have seen as a collector over the years.

This N2 Tank is a particular favourite of mine,