Banded Hoverfly
This is a hoverfly, but is clearly a hornet mimic. 
Its Volucella zonaria, the Banded Hoverfly. This and the other members of the genus Volucella lay their eggs in the nests of social wasps, the ensuing larvae feeding on the midden (dead wasps and detritus) that builds up in the nest, they probably help themselves to a few wasp larvae/pupae as well.
In the 1950's this species was relatively rare and confined to the extreme south east, it slowly expanded it's range in favourable years and exploded in the last 15. It is now a common garden insect in the south, but despite it's appearance has never been found associated with hornet nests, only those of the other social wasps.
Thanks to Anne Booths for the picture (click on it for a larger picture).
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