Limescale inside it has seized it up. You may get some more life out of it if you remove the tap (is it the tap end, or the temperature end?), and give it a good clean, however, that doesnt always work, and can ruin the o rings internally, and some of the limescale may not be removed without full dismantling of the valve, which will also likely cause leaks..
if you know the make and model, the Shower Doctor may have the spare cartridge/thermo valve for you, but, IME, its far easier and cheaper to just buy a new mixer tap. £80 ish for somthing simlar to yours, takes 10 minutes to change it.