Vonski - the voltage is about 14V (dashboard voltage gauge) with nothing running, however when idling at traffic lights with headlights & wipers on, it dips down to about 10v. This is when the squealing (also now accompanied by a regular clunking noise) kicks in.
Battery should be fine, it's a four months old Bosch silver bought after the previous one, a cheapie, packed up. Only had these issues for the last ten days or so, as it's undercharging rather than overcharging shouldn't have done any damage.
I think the car cutting out/stalling (which only happened on that one day by the way) may have been a temporary blockage somewhere, no problems like that since so it seems like a red herring.
I'm thinking that an alternator is only £50 from Minispares (I take it http://minispares.co...rs/GXE2211.aspx will be a direct replacement for the 36 Amp LRA100?) and not sure what else could produce these symptoms.
Surely you will only get 10V if the belt is squealing and not turning the alternator? Assuming the alternator bearings are OK?