Thinking back in to when they were new it could be an Addiction or a Rush. They were around for a couple of years and didn't change much. The Addiction was over 3k and came with boxers and Hopes 1st 4 pots. The rush was the cheaper version which i think had Stratos forks in your pic.
If you need to know exactly what it is try to contact Paul Hinton (ex raleigh team rider years ago) don't know if he looks on here but he worked for Saracen at the time as the technical mgr so he should beable to tell you. I don't have any number for him but i don't think it would be that hard to find.
I think that's an Addiction as well, but I'm not totally sure! For some reason I keep thinking it's a Rush, though. I can remember the old loony tunes one in red with the Boxers and XTR, but the name escapes me!