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I'm in agreement that I might as well drill it at this point and insert something to get more leverage. I cut the post purposely high up and it seems to have a thicker wall than further down, so that isn't a bad thing. That's probably my last shot as I'm not 100% keen on the hacksaw idea and would rather take it in to Mercian or seatpostman, but let's see. Thanks @Josh89 & @littleK.
Squaredisk
if you've cut the top off you might as well give drilling/twisting it a go.
Not very clear in the pic but I did this exact and it worked for me although I had a long sash clamp which increased the leverage. Once drilled and and bolted I tried two methods, initially I tried gradually increasing the pressure of the twist going a bit further every time. I then got fed and gave it more of single big twist/push and after a couple of these it released.
I also had BB shell clamped in a bench vice.
Seatpostman further up thread is supposed to be great by all accounts.
I should say my frame was rather agricultural chromo compared to your lovely 531 Mercian.
good luck