City of London Corporation Defends £191m Barbican Refurbishment After FT Investigation

The City of London Corporation published a formal statement on 18 October 2026 in response to a Financial Times investigation into the Corporation's funding and financial management. Policy Chairman Chris Hayward and Barbican Centre Board Chair Sir William Russell jointly defended the Corporation's £191 million commitment to refurbish the Barbican Centre, describing the Grade II-listed arts complex in the Square Mile as 'an internationally renowned arts centre' whose future must be preserved for coming generations. The statement emphasised that London's financial and professional services sector — the Corporation's core constituency — generates 12 per cent of all UK tax receipts, framing the Corporation's expenditure as being in the national economic interest. Final decisions on council tax levels and the Corporation's five-year financial plans are due to be presented to the Court of Common Council in March 2027. The FT story sparked public debate about the appropriate use of City of London funds and the balance between the Corporation's commercial, civic and cultural responsibilities. The City of London Corporation Newsroom published the statement on 18 October 2026, two days before the story's continued currency on 20 October.