I have used both lathes and there is not much to choose between them on the basic specs. ( I should point out the motor powers are the same. In fact Record give the full spec of 1kw input, 750W output for the motor, whereas Axminster just state 750W without stating if this is input or output power.)
That said, the one big reason I would go for the Herald is that it has a swivelling headstock. This facility is not just for turning big bowls, it is extremely useful for turning items where you want to work more comfortably. When hollowing out boxes, or turning small bowls, you can swivel the head a little so you don't have to reach over the bed of the lathe and the tool handle is also clear of it.
The Herald also has a more substantial motor mounting plate compared to the thin steel plate of the Axminster, and the motor does not fill up with shavings. It also has a proper Emergency stop button, positioned in a sensible place.
One thing I do like about the Axminster, and is somethng I do, where possible on all the lathe conversions I do, to have a remote control box, allowing you to position ON/OFF, FWD/REV and Speed control close at hand, wherever you are working on the lathe.