Raleigh Headset Issues

I'd say the forks have been changed and now the steerer's too long.

Instead of cutting it shorter, that thick spacer's been added...but it's not quite thick enough, hence the nut bottoms out when done up, leaving too much play in the bearings.

Cut the steerer and loose that thick spacer.

So in other words, the top of the steerer is poking out of the top of the headtube, covered by those spacers?

don't blindly cut the steerer as you need to make sure there's enough threading remaining..

Duly noted sir - need to take the entire assembly to bits methinks, but not confident doing it before this Saturday's London-Cambridge run...