TV stuck in standby?

Our tv is stuck in standby. When the power supply is turned on the red led light simply flashes. When pressing the buttons on remotes, the set seems to respond as the remote light illuminates and the flashing led stops for approx 3-4 seconds. The set then makes a squeeking noise as if it is trying to turn on but then the led will start to flash once again and the TV has not turned on.
Any ideas?