London desk

Filed from the London desk — including multi-city pieces that also ran elsewhere.

Business · 23 October 2026

Treasury’s ‘Trillion‑Pound’ Mirage: North Sea Profits That Never Met the Bank

Iris Quay, London desk

The Treasury ran a pure‑play calculation showing that, had the proceeds from North Sea oil been invested instead of spent, Britain could have built a trillion‑pound fund – a figure that exists only on a spreadsheet…

Finance · 22 October 2026

Chancellor’s Budget Game: Can You Beat the Real Deal?

Iris Quay, London desk

The Guardian’s interactive game lets you try your hand at being chancellor, but the real test comes on 28 October when John Healey presents the autumn budget and must keep MPs and bond markets onside.

Business · 22 October 2026

Barclays Cuts 5,000 Jobs, Blames AI for the Math

Iris Quay, London desk

Barclays announced a 5% workforce reduction—about 5,000 jobs—citing artificial intelligence as the driver of its efficiency drive. The move, part of an AI‑led restructuring, has sparked jokes about robots doing the…

Finance · 22 October 2026

Inflation Hits New High, City’s Stiff Upper Lip Persists

Iris Quay, London desk

Inflation has risen to its highest level this year, surprising analysts and leaving the City to joke about a “tea‑tax” while the Bank of England weighs its next move.

Finance · 21 October 2026

Nasdaq wobble sparks AI‑stock reassessment

Iris Quay, London desk

A recent dip in the tech‑heavy Nasdaq has prompted AI‑focused investors and analysts to re‑evaluate the underlying value of AI‑driven companies, questioning whether the sector’s rapid rise is sustainable.

Finance · 21 October 2026

John Healey’s Budget Balances on a Tightrope of Inflation and Borrowing

Iris Quay, London desk

Inflation and borrowing figures released on Wednesday have left Chancellor John Healey juggling constraints as he puts the final touches on his Budget. The challenge is to keep spending in line while the economy’s pr…

Finance · 21 October 2026

Petrol Prices Pump Up September UK Inflation – City’s Coffee Breaks Get Pricier

Iris Quay, London desk

UK inflation rose in September, with higher petrol and diesel prices identified as the main drivers, adding pressure to households and markets.

Finance · 21 October 2026

Fuel Prices Take the City’s Wallets on a Rollercoaster to 3.5%

Iris Quay, London desk

The ONS reports that soaring fuel costs pushed UK inflation to 3.5% in September, a jump from 3.1% in the previous year, setting a new stage for the forthcoming Budget.

Finance · 21 October 2026

Musk’s Musings: Tesla‑SpaceX Merger Still a Space‑Case

Iris Quay, London desk

Elon Musk told investors on SpaceX’s second public earnings call that special committees are exploring a possible merger with Tesla, but no agreement has been reached.