Believe its a contactor of some description to do with the economy seven as you have a dual rate meter it needs to be able to switch all three phases to economy seven so needs a contactor to do it. The small fuse to the right of the cut out is the control circuit fuse controlled by the meter. The ncomers to the fuse holders look a bit iffy normally they woud be shrouded. I am not suprised its a bit crowded in there they dont normally like putting three phase supplies in external meter boxes.
Sparkydude, note only one phase goes through the meter. The other 2 phases may not be connected, cant tell. I suspect the 3ph supply is only there as a termination point for the line.
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