The red singles into the CU is good old VIR, and judging by the tape it is well over due for replacement. There's loads of VIR still in service which if left undisturbed will probably keep going for another 50 years.
The white wire does not look like asbestos. It just looks like very badly deteriorated VIR. You can still see that distinctive interwoven pattern of VIR.
Asbestos wiring looks more like this:
The white wire does not look like asbestos. It just looks like very badly deteriorated VIR. You can still see that distinctive interwoven pattern of VIR.
Asbestos wiring looks more like this: