Hi Duncan, you have given yourself the answer, the carby is the problem, just the fact you can put fuel in the inlet and it will run proves that. The Honda carby is a bitch because of the way they used bolts instead of studs (as per the Chondas) and you have to get the spacer and heat shield all together at once and the right way around. The other problem can be with the new carby, some just won't work, it is a real crap shoot. Is the choke butterfly fully closing?