Gentlemen
Thank you all for the very useful replies. For reasons too long to explain the Chinese individual who assembled my lathe obviously did it on a Frday afternoon and after a major row with his missus the night before, so it's currently hors de combat whilst I am sorting it, so the project has to be done on the mill.
In practice I am starting with material 25 by 25 by 40 long with a 25mm semi-circular recess on the long side, so drilling is probably out, even though this is far from precision engineering. I don't have either a 25mm end mill or a collet to hold it so there's the best part of £30, which is halfway to a boring head. I have never shied away from buying tools for a job and to a quality that I can best afford, especially when there is a host of other things it can do in the future, so that's the likely route. Thankfully I don't need financial approval for capital expenditure. The rotary table would work but the setup is a bit fiddly, and some of the other suggestions whilst perfectly satisfactory are a problem given the stock size, but my thanks nonetheless for every contribution. There are a lot of very nice people out there.
Regards
Martin