@Wallace:
CHJ has, IMO, posted the best "do it today" solution to your current problem BUT ..... although I have no idea about your Wadkin pillar drill, you really do need to sort out some way of slowing it down if it's going to be any good for "general" metal working long term. 2,000 rpm is high for all but the smallest of drills but that's about as fast that you should ever be running, and as soon as you get above, say quarter inch dia (as a max, ideally an eighth) it'll be much more useful in the, say, 600 or 700 down to 100 or lower rpm ranges.
As you've now found out it's the peripheral speed at the "outside point" of the cutting edge of the drill that really counts and as you go up in size this gets to really very high linear speeds indeed (high for HSS drills and mild steel anyway).
Has that Wadkin really not got any pulleys (I know the name of course but have never seen one of their pillar drills)? How is the drive taken to the quill? Is an electronic controller a possibility?
These comments are intended to help, not criticise.
Krgds
AES