Departmental news

A quarter of estates worth over £10 million pay less than 9% Inheritance Tax, thanks to uncapped exemptions and reliefs, according to new research co-written by Dr Arun Advani as part of the new Centre for the Analysis of Taxation (CenTax).

One in six estates worth over £10 million currently pay an effective tax rate of less than 4%, even among estates not eligible for the (uncapped) spouse exemption, whilst another quarter pay close to the 40% headline rate of Inheritance Tax (IHT). These huge disparities are driven by the use of allowances, exemptions and reliefs, including Business Relief, Agricultural Relief.

These findings come from a new report by researchers at the Centre for Analysis of Taxation (CenTax). The report is published on the day Parliament meets for a Westminster Hall Debate on the future of Business Relief and Agricultural Relief, and amidst speculation that these reliefs might be a target for the Chancellor in the upcoming Budget.

The report finds that:

• On average, Business Relief almost halves the effective tax rate paid by estates worth over £30 million (from 23% to 12%), compared with only a one percentage point reduction for estates valued at less than £1.5 million. More than two thirds of Business Relief goes to around 400 estates per year claiming more than £1 million each in relief.
• Only a quarter of those claiming Business Relief on shares had been involved in management of a business as a company director at any point in the five tax years prior to death. This suggests that most claims for Business Relief are by ‘passive’ investors rather than ‘active’ business owners. This figure includes investments in AIM shares.
• Almost two thirds (64%) of Agricultural Relief went to around 200 estates per year that each claimed more than £1 million in relief, with an average estate value of £6 million.
• Agricultural Relief can be claimed by landlords as well as active farmers, provided that they have owned the land for at least seven years. Less than half (44%) of individuals who claimed Agricultural Relief had received any trading income from agriculture at any point in the five tax years prior to death. Income from agriculture made up less than a quarter of their income.

The report recommends a series of reforms aimed at making IHT fairer whilst preserving the key policy objectives of existing exemptions and reliefs:

• Capping Agricultural Relief and Business Relief at a combined limit of £500,000 per estate could raise up to £900 million per year. Two-thirds of estates claiming Agricultural Relief, and three-quarters of those claiming Business Relief, would be completely unaffected, but would increase the effective tax rates paid by the very largest estates (above £30 million) by around 7pp on average.
• Abolishing the Residential Nil Rate Band (RNRB) whilst increasing the standard Nil Rate Band (NRB) by an equivalent amount would cost around £1 billion per year, with all of the benefit going to estates valued at less than £2.7 million. For estates valued at less than £2 million, this would entail an increase in the NRB from £325,000 to £500,000.
• Capping the spouse exemption at £10 million would affect fewer than 0.1% of estates (100 deaths a year) and raise up to £350m in revenue. This reform would limit the current scope for tax planning, whilst ensuring that surviving spouses would not suffer a material reduction in living standards as a result of IHT.
• Combining all three of these reforms could raise up to £500 million, whilst at the same time lowering effective tax rates (on average) for estates worth less than £2 million. Under this package, only estates worth more than £8 million would see their effective tax rates rise by more than 5 percentage points on average.

Arun Advani, Director of CenTax and Associate Professor at University of Warwick, said: “Less than one in five Business Relief claims are for someone who was managing a closely-held business any time in the five years prior to death. Although Business Relief is often defended as protection for family businesses, it is poorly targeted for doing that, as well as being very expensive.”

Andy Summers, Director of CenTax and Associate Professor at LSE, said: “Ideally, the UK would look to international examples and consider wholesale reform of our broken Inheritance Tax system. Clearly that’s not feasible in time for this Budget, but our report shows how the Government could raise revenues at the same time as cutting effective tax rates for most estates, just by limiting some of the excesses of our existing exemptions and reliefs.”

James Forrester, Research Economist at CenTax, said: “It’s striking how much the effective tax rate varies among estates with similar amounts of wealth. This is driven by a number of different tax reliefs, but much of the benefit of these reliefs is concentrated among relatively few estates.”

• Read the full CenTax Policy Report - Inheritance Tax reliefs: time for reform? by Arun Advani, Franziska Disslbacher, James Forrester and Andy Summers 

Warwick Economics alumnus and honorary graduate Professor James Robinson (Honorary Doctorate 2015, MA Economics 1985-86) is one of three economists jointly awarded the Nobel Prize for Economic Sciences 2024.

Professor Robinson, now at the University of Chicago, shares the award with Professor Daron Acemoglu and Professor Simon Johnson, both based at MIT, for their work on the relationship between institutions and prosperity, focusing particularly on the political and institutional systems introduced by European colonisers.

Announcing the award, the Royal Swedish Academy of Sciences said: “This year’s laureates in the economic sciences – Daron Acemoglu, Simon Johnson and James Robinson – have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why.”

Professor Ben Lockwood, Head of Department of Economics at Warwick, said: “On behalf of the whole Department I offer our warmest congratulations to Professor Robinson and his fellow laurates. James joins Oliver Hart as a Nobel Prize winning economist who has graduated from our MA (now MSc) programme.

“As James said in his 2015 guest lecture, why some countries are poor and some countries are rich is one of the oldest questions in economics. It is wonderful to see his work in this field recognised with a Nobel Prize.”

Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said: “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this.”

• Read more about this year’s prize:
  • Popular science background: They provided an explanation for why some countries are rich and others poor (pdf) Link opens in a new window
  • Scientific background to the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 (pdf) Link opens in a new window
• Watch our 2015 interview with Professor Robinson when he came to campus to receive his honorary degree: Professor James Robinson interview | Warwick Department of Economics (youtube.com) 
• Read the oration delivered by Professor Abhinay Muthoo on the occasion of the award of Professor Robinson’s Honorary Doctorate: Honorary Graduand Orations - Summer 2015 (warwick.ac.uk)
• Read about Professor Robinson's work with CAGE.

More about Professor Robinson:

Professor James Robinson received an MA from Warwick Economics in 1986 before moving to Yale for his PhD. After posts at the University of Melbourne, the University of Southern California, Berkeley and Harvard he joined the University of Chicago in 2015. He has since been appointed Reverend Dr. Richard L. Pearson Professor of Global Conflict Studies (2016) and Professor of Political Science (2020). His books include: History of the Chiefdoms of Sierra Leone (with Tristan Reed); Why Nations Fail: The Origins of Power, Prosperity and Poverty by Acemoglu, Daron, and James A Robinson; and The Role of Elites in Economic Development by Amsden, Alice, Alisa De Caprio, and James A Robinson. He is also an Associate of the CAGE research centre, based within the Department of Economics at Warwick, and has contributed to its recent schools outreach programme.

Workers on zero-hour contracts (ZHC) face lower wages and significantly higher turnover rates, yet such jobs have 25% more applicants than a permanent position for the same role, research by Assistant Professor Nikhil Datta has found.

The study - Why do flexible work arrangements exist?- is published by the LSE’s Centre for Economic Performance (CEP) where Dr Datta is an associate of the labour markets programme. He uses data from more than 31,000 employees and finds:

• Workers on ZHCs are more likely to be young, living in high student population areas and have higher education levels than those on other contracts.
• ZHCs are often used for temporary work.
• ZHC staff typically stay in their job for only a third as long as the same staff on fixed-hour contracts – with more than 10% of those hired on ZHC leaving before they even work a single shift.
• ZHC wages are approximately 6% lower than those for equivalent permanent jobs in the same occupation and industry.
• ZHC roles attract 25% more job applicants than equivalent fixed-hour positions and very few ZHC workers apply for equivalent fixed-hour positions within the same firm when vacancies come up.

The research comes as zero-hours contracts, which do not guarantee a set number of working hours, are in line for tighter regulation under the new government. Critics argue that they create unstable income for workers and undermine job security, while supporters claim they offer two-sided flexibility for businesses and workers.

Dr Nikhil Datta said: “Given there are some workers who show a strong preference for zero hours contracts, firms have a greater ability to mark down their wages compared to colleagues in fixed-hour jobs. Targeting that discrepancy should be a priority.”

Using detailed timesheet data, the research also uncovers new information on the volatility of hours and earnings experienced by ZHC workers.

Many workers actually see very little week-on-week hours and earning volatility, but there is a small proportion of workers who experience a lot of volatility: around 10% of workers see changes in their weekly earnings of £175 or more. Over the same period a full-time minimum wage worker would have expected to earn £318 a week.

From the employers' perspective, the study demonstrates how firms rely on ZHC workers to cover for staff absences from issues like sickness, staff turnover and responding to sudden changes in consumer demand and thus why they are more prevalent in industries such as hospitality, leisure and retail.

“This new research is important for those in government,” Dr Datta added.

“Policy makers should be cautious with how heavily the use of ZHCs is regulated. Many workers on ZHCs prefer them, and they play an important role for firms facing varying conditions.

"Outright bans would be counterproductive, but policies aimed at offering workers a right-to-request a fixed number of hours after some time in employment, are more reasonable. Attention should also be paid to ensuring that ZHC staff get paid the same wage rate as their fixed-hour counterparts.”

• Read the full paper here: Why do flexible work arrangements exist?

Professor Dennis Novy has delivered a lecture on Economic Security and Geoeconomics to an audience of 100 senior military officers as a guest of the Royal College of Defence Studies (RCDS).

RCDS was created in 1927 to help deliver Winston Churchill’s vision of promoting understanding between senior military officers, diplomats and the civil service.

Members of the armed forces and the civil service from the UK and overseas with the potential to reach the highest ranks are invited to attend RCDS and study political, diplomatic, security, social and economic issues at the strategic level.

Professor Novy delivered his lecture on 26 September, introducing the concepts of economic security and economic resilience and placing them in the context of the emerging field of geoeconomics.

He discussed Western sanctions against Russia following the full-scale invasion of Ukraine in 2022 and their impact on the Russian economy. He also discussed various "China decoupling scenarios" whereby trade barriers might be erected between China and the West at some point in the future due to rising political and military tensions.

Professor Novy also discussed the importance of global supply chains and the UK macroeconomic backdrop, presenting some of his work on the economic impact of Brexit.

The lecture was followed by Q and A and a discussion over lunch. Allied nations represented in the audience included the USA, Ukraine, Estonia, Israel, Norway and Japan.

Lieutenant General Sir George Norton, Commandant of the RCDS, formally thanked Professor Novy for his lecture.

Professor Novy said “It was a great pleasure meeting military officers at the Royal College of Defence Studies. Although they have expertise in different areas, military officers and academic economists have in common that they search for facts and evidence, and both are used to interacting with politicians when it comes to formulating policy.”

26 September 2024

The Department of Economics is delighted to announce that for the third year running we have been ranked top of the specialist subject table for Economics in the Times and Sunday Times Good University Guide 2025.

Published annually in September by the Times and Sunday Times, The Good University Guide provides British university rankings based on five categories: teaching quality, student experience, research quality, entry standards and graduate prospects.

We have achieved an overall score of 100 (with 93.3% for graduate prospects) which puts us ahead of the LSE, Cambridge, Oxford and St Andrews.

We have been ranked in the top 5 amongst UK's departments of Economics over the last few years, and reaching the top position four times previously: in the Good University Guides 2024, 2023, 2020 and 2015.

Our recent achievements also include high positions in other important league tables: 23rd place in the world in the QS World University Rankings 2024 for Economics and Econometrics as well as 5th place in the Complete University Guide 2025 published in June 2024.

Professor Ben Lockwood, Head of Department of Economics, said:

“This external recognition highlights our success in producing world class research and providing students with outstanding learning opportunities that support their graduate prospects. It also reflects the hard work and commitment of our staff and students in all areas of our work.”

Related items

The Times and Sunday Times UK University Rankings 2025: League table

University of Warwick shortlisted for University of the Year in 2025 Good University Guide

Professor Sascha Becker has been elected to the leadership team of the Society for Institutional and Organisational Economics (SIOE) as Second Vice President.

He will become First Vice President next year, and anticipates taking on the role of President in 2027 when one of his responsibilities will be to host the SIOE Annual Conference at Warwick and give the Presidential Address.

Founded in 1997 as The International Society for New Institutional Economics, SIOE promotes interdisciplinary study of the institutions of social, political and commercial life, aiming to integrate an economic perspective with strategic management, political science, law, and history.

As well as the annual conference, SIOE awards several prizes for outstanding contributions to the field at different career stages.

The Society was co-founded by three Nobel Laureates in Economics - Oliver Williamson, Ronald Coase, and Douglass North. It prides itself on its international outlook and membership.

Commenting on his election, Professor Becker said: “I am delighted that the members of SIOE elected me into the leadership team of SIOE. It will be an honour to host SIOE at Warwick in 2027.”

• SIOE website: https://www.sioe.org/

A multidisciplinary team of researchers from UK universities, government health agencies and the NHS focused on reducing the harm caused by lead in our environment is one of 36 groups selected for support by a new grant scheme aimed at promoting creative thinking across traditional academic barriers.

Co-led by Dr Ludovica Gazze from Warwick Economics, the ECLIPS project will develop and pilot a scheme for monitoring the amount of lead in children’s blood using an at-home finger-prick test to collect blood samples.

Even though it is highly toxic, lead is common in our homes and our environment. It was widely used in paint, petrol and plumbing before its harmful effects were properly understood.

Children are most at risk from lead poisoning because their bodies and brains are still growing. Symptoms can include developmental delay and learning difficulties.

Despite this, there is no national UK scheme to screen children for lead exposure.

The ECLIPS team of researchers from the universities of Warwick, Northumbria, Oxford and Bristol, together with the UK Health Security Agency, the Health & Safety Laboratory and Leeds Teaching Hospitals NHS Trust, will develop and test new screening methods which don’t require a visit to the GP.

The project will be piloted in Leeds. If successful, the methods developed could be rolled out across the UK as part of a national screening programme or lay the groundwork for a national prevalence study, and the results used to recommend policy changes.

Dr Gazze explains: “We want to understand the current levels of lead exposure in UK children so that effective action can be taken to reduce children’s exposure to lead in the community and at home.

“We estimate that lead pollution could be costing the UK economy £6.8 billion every year, and preventing thousands of children from reaching their full potential.

“It is important to note that the harms done by lead exposure extend beyond the children directly affected. My studies in the US found that the symptoms of lead poisoning, such as lower cognitive ability and disruptive behaviour, spill over to affect a whole class or school. This increases the true costs of pollution and changes our understanding of the importance of addressing it.”

The project leader is Professor Jane Entwistle from Northumbria University’s Faculty of Engineering and Environment. The team aims to develop new research approaches and methods that would not emerge from established disciplinary thinking.

Professor Entwistle added: “Exposure to legacy lead is a hidden burden worldwide and the toxic effects of lead are overwhelmingly observed in children.

“In the UK, detection in children relies on results of blood tests ordered by physicians only when there is a high clinical suspicion of lead poisoning. As such, most cases of elevated lead are missed in children with no obvious symptoms. This funding will allow the development of a novel protocol to enable widespread monitoring of the amount of lead in blood.”

Almost 900 applications were made for the scheme, with only 36 selected to receive funding.

Professor Alison Park, Deputy Executive Chair of the Economic and Social Research Council (ESRC) and UKRI Cross Research Council Responsive Mode Senior Responsible Officer said: “The perspectives of different disciplines, working together in collaboration, are vital to solving some of the most pressing problems we face as a society. The UKRI cross research council responsive mode scheme is designed to break down silos and champion research that transcends, combines and significantly spans traditional discipline boundaries.

“The projects announced today will drive progress across diverse fields by creating fresh approaches to research questions, methodologies and ways of working.

“We were all excited to see the innovative and bold approaches being adopted to tackle major issues ranging from climate change to global healthcare and look forward to following their progress.”

ENDS

NOTES

Dr Ludovica Gazze is an environmental and health economist researching urban policy issues, such as lead poisoning. Designing programs to reduce pollution requires an understanding of the negative impact of pollution and how individuals respond to the risks of exposure they face. Dr Gazze investigates these issues using large administrative datasets and experimental and quasi-experimental methods.

The core project team comprises:

· Professor Jane Entwistle, Department of Geography and Environmental Sciences, Northumbria University

· Dr Lindsay Bramwell, Department of Geography and Environmental Sciences, Northumbria University

· Dr Jackie Morton, Principal Scientist, Biological Monitoring, Health & Safety Executive

· Carys Lippiatt, Consultant Clinical Scientist at Leeds Teaching Hospitals NHS Trust

· Dr Debapriya Mondal, Principal Epidemiology Scientist at UK Health Security Agency

· Dr Ovnair Sepai General Toxicology and Biomonitoring Program Lead at UK Health Security Agency.

· Dr Caroline Taylor, Associate Professor in Nutrition, University of Bristol Medical School

· Dr Francis DiTraglia, Associate Professor of Economics, University of Oxford

· Dr Ludovica Gazze Associate Professor of Economics, University of Warwick

· Tim Pye, Co-Founder of the Lead Exposure and Poisoning Prevention (LEAPP) Alliance

· Dr Kishor Raja, Department of Clinical Biochemistry, King’s College Hospital NHS Foundation Trust, London

The 2024 National Student Survey (NSS) results published recently show that Warwick Economics students remain highly satisfied with their undergraduate courses, with 90% of the respondents stating that they would recommend Warwick to future students.

The annual national survey took place between February and April 2024, and we recorded a high response rate of 78%, four percentage points higher than last year.

The annual UK-wide survey asks undergraduate finalists about the quality of their courses, with 28 questions grouped into seven areas: Teaching; Academic Support; Learning Opportunities; Learning Resources; Assessment & Feedback; Organisation & Management and Student Voice.

The Department of Economics continues to perform strongly across all areas with highest scores in:

• Teaching on my course: nearly 90% of respondents were happy with the teaching stating that staff were good at explaining things, making the subject engaging and that the course was intellectually stimulating and challenged them to achieve their best work.
• Academic support: 90% of the surveyed students were pleased with the ways teaching staff supported their learning.
• Learning Resources: 92% of respondents were happy with the available learning resources such as the IT and library resources as well as access to subject specific resources.

Compared to 2023 we have made improvements across six of the seven main areas of the survey, with percentage points noted in brackets: Assessment and Feedback (2.8); Student Voice (2.5); Teaching (1.9); Learning Resources (1.7); Academic Support (1.3) and Learning Opportunities (0.9).

The position of the Department in comparison with other Departments within the Russell Group of research-intensive universities, remains strong, with Warwick Economics ranking 2nd for Teaching on My Course; 3rd for Learning Opportunities, Assessment and Feedback, Learning Resources, and Student Voice; and 4th for Academic Support and Organisation & Management.

Head of Department, Professor Ben Lockwood commented:

“I’m very pleased to see that our NSS scores remain high, considering that the class of 2024 cohort of undergraduate students was the largest in the history of the Department, with 522 of finalists (78% response rate) responding to the survey.

“We take the feedback received through the NSS very seriously, as it provides us with invaluable insights into what’s important to our students, what we do well, and which areas of our teaching we should improve further.

“I would like to pass on thanks to all staff for their hard work, particularly during the Covid years which affected this cohort of students.

“I would also like to thank this year’s finalists, now graduates of Class 2024, for rating their student experience at Warwick Economics so highly, despite the difficulties they had to overcome during the Covid pandemic. We’re delighted to see that 90 per cent of our finalists would recommend Warwick to prospective students.”

In the popular imagination, a marketplace is somewhere you can expect to be cheated – so much so that the English language has several idioms, from buying a pig in a poke to letting the cat out of the bag, originating in sharp practice by 16^th century livestock traders.

Those giraffes you sold me, they won't mate. They just walk around, eating, and not mating… I want my money back. (Gladiator, 2000)

But what if a market is actually a place where values and ethics are essential to success?

The link between market exposure and civic values has long been debated by economists no less than Adam Smith and Karl Marx. A new working paper by Dr Devesh Rustagi attempts to settle the argument with results from experimental work in rural Ethiopia.

Market Exposure, Civil Values and Rules presents results from Dr Rustagi’s work with the Arsi Oromo People, who live in the Bale Mountains in southern Ethiopia.

The Arsi mainly trade in livestock. Livestock exchange is prone to market failure from asymmetric information – the vendor will know much more about the animal’s health than the buyer. An unethical merchant might conceal an animal’s illness in order to conclude a sale.

Dr Rustagi explains: “The Arsi homeland is an excellent place to study the influence of markets as they developed in an accidental way from short-lived military camps that Emperor Menelik established after defeating the Arsi - but then died shortly after. This allows me to study the influence of the market in isolation from other factors, such as urbanisation or the development of state and education.

“If I sold a sick cow to someone in my immediate social circle and it died, my personal reputation would be damaged. There is an incentive to me to be honest to people that I know, but no incentive to be honest outside my immediate circle.

“In a market setting, I am likely to sell to people I do not know in interactions that are short-lived. Do I cheat them, or do we find ways of co-operating so that the market trades good-quality livestock at fair prices?”

Dr Rustagi’s study has three main elements.

Members of the Arsi community from settlements near to, and far from, the market locations took part in a one-shot, anonymous public goods game to measure their propensity for conditional co-operation, or simply put, reciprocity - a proxy for civic values. This was followed up with data from two aspects of a forest management project which Arsi people are involved in. Members of the community give a certain number of hours to monitor their section of forest and prevent outsiders from gaining access. This is based on trust – no-one monitors the monitors – so a higher number of monitoring hours can stand as a proxy for higher civic values. The natural forest regeneration requires each group to put constraints on opportunistic behaviour by introducing and enforcing rules against rampant browsing by livestock at key points of the year when trees are young.

The study found that the greater distance the community lived from the market, the weaker their reciprocity in the game was; the fewer hours they gave to forest monitoring, and the less likely they were to have created rules about grazing. As an example, one hour increase in market distance led to a drop in reciprocity, time spent monitoring and rule formation by over 20 percentage points.

But why does market exposure lead to these findings?

To unpack the mechanisms Dr Rustagi conducted vignettes about two hypothetical cattle sales to add important detail about how markets function in the absence of a strong state.

He found that in groups far from markets, people do not need to trust strangers, as they sell and buy cattle with people from their own community – where, driven by reputational concerns, people behave honestly. The outlook people develop from these environments is insular – co-operate with known people but cheat otherwise.

But, in markets where people trade cattle with unknown people, these options are not available and there is no external authority to appeal to if a trader is dishonest. The Arsi Oromi have developed their own system of checks and sanctions. When meeting at the market, the Oromo people announce their clan membership. This enables a form of collective punishment to be applied should a trader cheat a customer and is a powerful incentive for the community to police itself. This allows people who regularly buy and sell in markets to learn to trust strangers and extend cooperation beyond their in-group to outsiders.

Dr Rustagi comments: “The empirical data showed that distance from the market shaped cultural norms, while the vignette studies revealed some of the mechanisms behind this effect.

“My evidence on the role of markets in shaping civic values and rules is an important contribution to our understanding of how economic organisation influences social change.”

• Market Exposure, Civic Values and Rules. Dr Devesh Rustagi. June 2024. Warwick Economics Research Paper No 1501Link opens in a new window 

Tax expert Dr Arun Advani’s ambitious research agenda has been backed by the UK’s national research funding body with the award of a prestigious Future Leaders Fellowship.

Founded in 2018, the FLF scheme aims to provide long-term support to talented researchers investigating complex problems with funding, career development and skills training. Around 500 fellows have been appointed since the scheme began.

Dr Advani will become the University of Warwick’s third Future Leaders Fellow and the first from the Faculty of Social Science.

The award will support new research from Dr Advani into the use of trusts and other ‘split ownership’ structures by the wealthy, the impact of such schemes on inequality, and whether the taxation and regulation of trusts should be reformed.

Dr Advani is widely recognised as an expert on the complex and arcane UK tax system. The award will enable him to bring his skills to bear on this under-researched topic, which is also a feature of wealth management in the USA and in Commonwealth countries.

He explains: “Trusts are a key tool in wealth management and tax planning. While they can offer benefits such as protection for minors or others who are unable to manage their own finances, they can also be exploited as a means of concealing the true ownership of assets and a way of evading tax. They also make it difficult to accurately assess wealth inequality, a key issue for the new UK Government.

“We found with our work on non-doms that a major barrier to reform is the lack of real, robust data. Without quantitative evidence it is difficult for policymakers to model the outcome of reforms.

“This project will close the evidence gap in the area of trusts and work up practical, implementable reforms.”

Congratulating Dr Advani on his Fellowship, Head of Department Professor Ben Lockwood said: “Arun is committed to using his research to achieve real-world change. He has been at the forefront of research into UK tax issues for the best part of a decade and has developed an outstanding reputation as analyst and commentator on tax and equality issues.

“This Fellowship award will allow him to lead an entirely new area of study in the understanding of inequality and tax policy, and establish the UK as the global hub of wealth trust research.”

18 July 2024