If you look at the drop outs there is a chain peg (Used so you can attach the chain to the peg and make taking your wheel out easier)
Well I never even noticed that before, I never knew what it was and I just looked on my bike and it has one!
Ok, I just checked my early 90's Raleigh Strada which was a low-end 531. Fork is identical looking, though I don't think mine is 531. It also has the same lugs, identical drop-outs, the same chain peg, same cable routing on the top tube and the same brazed-on bosses. Mine has a different headset bearing but it is also a chrome one, and the frame otherwise looks identical to my eyes. We know Raleigh made most of their bikes almost exactly the same with only minor changes year-on-year when you look at the models in the same price range. I guess the only way to really know would be to find out what size the seatpost is. 27mm or more and it's 531, less than 27mm but more than 26mm and it's 501, 25.4mm and it's gas pipe.
I think it's a 90's frame and I think it's been repainted at some point. Running gear would have been Shimano Exage or Shimano 300 (BioPace was an option) and Shimano aero levers.