Cam belt, but there are tensioners that are worth doing, have a look at repair kits, should have whats in them. I dont know if its worth doing water pump as well.
But you can always lay it on a bit to get a bit of cash back.
Might be worth getting hold of Ralph at EMS, they carry out work on the MG the contact numbers come up at the start up, or go into site traders.
Wife is standing over me waiting to go out, hope this helps, best of luck with the car.
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