That's pretty close to what was going on.
Well - it's now fixed; so I shall mark this as fixed.
I thought it was a good idea to put the USB partition in my /etc/fstab file.
Well it wasn't.
I'd forgotten that USB gets automounted.
So I removed the external drive from my fstab and it was fixed.
It's a long time since I've broken Linux so unnecessary panic set in...