Departmental news

We’re delighted to share that the Department of Economics has achieved an outstanding overall satisfaction score of 95% in the 2025 Postgraduate Taught Experience Survey (PTES) - our highest result in recent years. This places us well above the Russell Group average of 86% for Economics and reflects the continued strength of our postgraduate programmes.

The PTES invited feedback from MSc and second-year MRes students on their experiences of teaching and learning at Warwick. With a response rate of 54%, exceeding the University average of 47%, our students have shown a strong commitment to sharing their experiences and helping us enhance postgraduate education.

Our top-performing areas include:

• Learning Resources – 96%
• Dissertation Supervision – 91%
• Teaching and Learning – 90%
• Organisation and Management – 90%

We’re particularly proud to have scored above the institutional average across all key themes, reaffirming our position as one of Warwick’s leading departments for postgraduate student experience.

At the question level, students highlighted that:

• The course is intellectually stimulating - 95%
• Teaching staff are good at explaining things – 93%
• They have appropriate access to subject specific resources – 97%
• They were given appropriate guidance and support throughout their course – 91%
• Dissertation supervisors have the skills and knowledge to support dissertations – 94%
• They would recommend the Department to others – 97%

While the overall results are highly positive, we recognise that opportunities for interaction among postgraduate taught students scored lower. We’re actively exploring ways to strengthen peer engagement and build a more connected postgraduate community.

Professor Jeremy Smith Head of Department, commented:

“These results highlight the strength of our postgraduate programmes and the dedication of our teaching and professional services staff. We’re proud of the experience we offer to our students and remain committed to enhancing student satisfaction, with a particular emphasis on building meaningful connections and engagement across our student community. We’re grateful to everyone who contributed to this success - and to our students for their thoughtful feedback”

The first evidence-based assessment of how the Government’s Inheritance Tax (IHT) reform would affect farm estates has been published by the Centre for the Analysis of Taxation (CenTax), led by Professor Arun Advani of Warwick Economics and Dr Andy Summers of the LSE.

CenTax analysis finds that there is scope for better targeting the reforms to extend protection for family farms and other small businesses whilst further reducing the use of agricultural and business property as a tax shelter.

A farm estate, which is the focus of the analysis, is defined as the total net wealth of an individual who has died owning some farmland or other farm assets on which they had claimed tax relief.

Using detailed HMRC inheritance tax data, The Impact of Changes to Inheritance Tax on Farm EstatesLink opens in a new window finds that, as currently designed, the planned reforms do protect family farms to a large extent - just under one third of farm estates would be impacted by the reform; and that of that 30 per cent, around 200 estates per year potentially comprise family farms valued at less than £5 million - but there is scope for better targeting the reforms to extend protection for farms and other small businesses whilst further reducing the use of agricultural and business property as a tax shelter.

The report proposes two options for better targeting the reform whilst still raising at least as much revenue overall:

• A ‘minimum share rule’ that would remove relief for passive investors in farmland and other business assets, reducing the use of these assets as a tax shelter. Restricting relief to estates whose relief claims cover at least 60% of the total estate could fund an increase in the combined allowance for 100% relief to £5 million per estate, whilst still raising at least as much revenue as planned reform overall.
• An ‘upper limit on relief’ that would cap relief at the first £10 million of claim, funding an increase in the allowance for 100% relief to £2 million per estate. The effect would be to extend protection for family farms and other small businesses.

Addressing concerns that family farms would need to be sold to pay the tax, the report finds that:-

• Almost half (49%) of all impacted farm estates would see a tax increase of less than 5 percentage points.
• All of the 25 farm estates per year facing an increase larger than 15pp are valued at over £7.5 million.
• 86% of impacted farm estates could pay their entire IHT bill out of non-farm assets, leaving around 70 farm estates per year that could not.

Dr Andy Summers, Director of the Centre for Analysis of Taxation (CenTax) and Associate Professor at London School of Economics & Political Science (LSE) said:

“Our analysis shows that the Government’s reform largely protects family farms whilst limiting claims by the wealthiest estates. But the relief could be better targeted to reduce its use for tax planning and further extend protection for businesses, including farms.”

• PHOTO - His Majesty's Treasury, Whitehall
  
  
• Read the report in full on the CenTax website: The Impact of Changes to Inheritance Tax on Farm Estates (2025)Link opens in a new window Arun Advani, Sebastian Gazmuri-Barker, Sanaya Mahajan, and Andy Summers
  
  
• The Centre for the Analysis of Taxation (CenTax) is an independent research centre dedicated to improving public understanding of tax policy and helping to design a better tax system. This research was funded by the Nuffield Foundation and abrdn Financial Fairness Trust.

The Department of Economics is proud to celebrate the achievements of our graduates - Class of 2025. The awards and prizes recognise not only academic excellence but also outstanding contributions to the wider student experience and community.

Outstanding Student Contribution Awards (OSCA) 2025

Three students were honoured with the OSCA for their leadership, service, and innovation:

• Gunisha Aggarwal (BSc Economics) – For her transformative work in student inclusion, international outreach, and global education initiatives, including her leadership in Enactus Warwick and the HELP Chennai project.
• Libby Bach (BSc Economics) – For her dedication to global education through Warwick in Africa, community volunteering, and her selection for the FCDO Fast Stream.
• Aimee Cornish (BSc PPE) – For championing gender equality and community through her leadership of the Warwick Women in Economics Society and impactful events like the Elevate Conference.

Professor Jeremy Smith, Head of the Department of Economics, commented:

“Gunisha, Libby, and Aimee exemplify the values we hold dear at Warwick - leadership, service, and a commitment to making a difference. Their contributions have enriched our community and will continue to inspire future generations.”

Academic Prize Winners 2024–25

• Best MSc Project (Behavioural and Economic Science – Economics Track) - Anoushka Kumar
• Examiners’ Prize for Outstanding Performance in Economics - Jacob McLoughlin, Ren Jie Lim, Maddy Pedder, Oli Greenfield
• Examiners’ Prize for Best Research in Applied Economics (RAE) - Fasai Charoensudjai, Martin Huo, Jacob McLoughlin
• Rohin Modasia Prize - Aigli Danopoulou, Cian Lester, Matthew Stubbs, William Tang
• Shiv Nath Prize (Economics, Politics, and International Studies) - Finlay Davis, Yiran Huang
• Outstanding Student Contribution Prize (Department of Economics) - Matthew Murray – For his leadership as President of Warwick Economics Society and his role in launching the Policy Talks event.

King’s Award for Voluntary Service 2024

We also congratulate Modhurima Islam, Student President of Warwick Volunteers 2024-25, for her contribution to the work of Warwick Volunteers who were awarded the King’s Award for Voluntary Service for 2024.

Professor Jeremy Smith added:

“We extend our warmest congratulations to all the winners. Your achievements reflect the dedication, creativity, and excellence that define our department. We look forward to seeing the impact you will continue to make in your future endeavours."

Photo from left to right: Professor Stuart Croft, Gunisha Aggarwal, Libby Bach and Aimee Cornish

The Department of Economics was delighted to welcome two outstanding female economists as Honorary Graduates during the 2025 Summer Graduation celebrations.

On Friday 18th July Dr Gemma Tetlow received an Honorary Doctor of Science degree; and on Tuesday 22nd July Professor Ekaterina Zhuravskaya received her award.

Dr Tetlow’s longstanding relationship with Warwick began as an undergraduate in the Department of Economics. More recently, she has been a great supporter of the Department’s research agenda, as a member of the advisory board of CAGE, the Centre for Competitive Advantage in the Global Economy, and Chair of the Advisory Board of CenTax, the Centre for the Analysis of Taxation.

Presenting Dr Tetlow for her honorary degree, CenTax Director Professor Arun Advani highlighted her successful career in thinktanks, in journalism and as a media commentator, and also praised her contribution to addressing the under-representation of women in the profession, saying “with her impressive career history and her visibility across the media, Gemma provides a much-needed role model for young economists, whether studying for degrees in the discipline or already embarked on their careers. In this capacity, and as an alumna, Gemma has given up her time to take part in events on campus organised by the Department of Economics to promote a more inclusive environment for women studying economics, and to encourage them to go on to work in jobs in that area.”

Accepting her award, Dr Tetlow said: “Before coming to Warwick I had never studied economics, and so it was a real leap of faith to choose that as my degree subject. But it turned out to be one of the best choices I ever made in my life.

The teaching here at Warwick gave me a great appreciation for the subject and made me realise how economics can be used to understand and improve so many real-world issues. And it was what I learned here that really inspired me to pursue a career in economics, where I could apply that knowledge. And it’s a career that has continued to motivate and challenge me over the years.”

On Tuesday 22nd July Professor Ekaterina Zhuravskaya was presented for her honorary degree by Professor Sascha Becker.

Professor Zhuravskaya took her MSc at LSE and her PhD at Harvard. She has been based at the Paris School of Economics since 2010. She is a frequent visitor to the Department and has co-authored several papers with colleagues.

Professor Becker praised the “breathtaking width” of her research and described her as a “shining light and a role model” for all female academic economists.

Speaking to the economics students graduating alongside her, Professor Zhuravskaya said: “This moment takes me back to my own graduation. It was 1999 and I was a fresh Harvard PhD graduate, with very high aspirations but a lot of doubts. I was convinced that I had mastered the tools and possessed a substantial body of knowledge – but looking back I realise that I had completely misunderstood what education was useful for!

“The frontier of knowledge shifts much faster than we expect. Most of the techniques I learned became outdated within a few years of graduation. But education teaches you how to truly learn. This is the core of what we do as researchers but it is equally useful outside academia.

“In your head you shouldn’t graduate at all. You should always remain in the learning mode of a student. Congratulations to all of you and I wish you a long, surprising and meaningful journey ahead.”

Photo from left to right: Professor Ekaterina Zhuravskaya, Professor Sascha Becker, Professor Arun Advani, Dr Gemma Tetlow, Professor Stuart Croft.

Does access to real-time information about air pollution levels change how people feel about living close to a recycling plant?

A new study by Dr Juliana Carneiro and colleagues in China and the USA looks at data from China to understand the impact of real-time environmental data disclosure on people’s housing preferences, and creates new insights into the economic benefits of environmental transparency.

The incineration of household waste as a means of creating energy has become a popular option for waste management, as an alternative to burying the waste in landfill.

Governments regard it as a sustainable option, but local residents can be opposed to the construction or expansion of these “Waste to Energy (WtE)” incineration plants, often citing health or environmental concerns.

Efforts to mitigate these fears by providing disclosure of environmental information have until now largely focused on one-off reports of negative incidents, or infrequent updates from inspection visits.

Dr Carneiro’s study takes advantage of a relatively recent policy in China – the 2017 IEN policy, which has made it a legal duty for plants to display real-time emissions data on public billboards at their entrances – to explore how such a detailed level of information influences local residents’ perceptions of risk and their decisions about where to live.

The paper, Real-time emissions data disclosure of Waste-to-Energy incineration plants and public risk perceptions: Evidence from the housing market sets out a theoretical model and then tests this against empirical data from over 35,000 housing transactions around 13 WtE plants.

The research finds:-

• After the implementation of IEN, the housing price gradient – the difference in price for properties close to a plant and those further away – become much flatter. This suggests that buyers are less concerned about buying a property close to a WtE plant that shares real-time information.
• The biggest change was seen in properties within 2km of a plant
• The most significant positive effects were seen where the plants had a good track record of complying with emissions limits, and up-to-date pollution control equipment.
• The change is not driven by a reduction in pollution, but a change in the level of local residents’ concerns about living close to a plant

The researchers hope that their findings will be of interest in many countries where environmental projects face local opposition.

Dr Carneiro said: “This research was driven by a desire to understand how transparency in environmental data can influence public perceptions and behaviour, especially around controversial infrastructure like Waste-to-Energy incineration plants.

Using China’s 2017 IEN policy as a natural experiment, we found that real-time emissions disclosure significantly reduced the housing price penalty near these plants—by about 34.7%, which translates to a meaningful economic gain for residents.

What’s especially compelling is that the effect was stronger near plants that complied with emission standards and used advanced pollution controls, suggesting that transparency works best when paired with good performance.

We believe these findings offer important insights for policymakers looking to build public trust and acceptance through data-driven environmental governance.”

Photo: An aerial view of residences in Pudong, Shanghai, China, a district where one of the WtE plants in the study is located.

Read more: Real-time emissions data disclosure of Waste-to-Energy incineration plants and public risk perceptions: Evidence from the housing market, Journal of Environmental Economics and Management, Volume 133, 2025, 103207, ISSN 0095-0696. https://doi.org/10.1016/j.jeem.2025.103207Link opens in a new window.

We are pleased to announce that two members of the Department of Economics have been honoured for their teaching with the Warwick Awards for Teaching Excellence (WATE).

The Awards celebrate exceptional educators in the Warwick teaching community.

The Faculty Awards highlight the significance of understanding disciplinary contexts in achieving educational excellence. In recognition of the role of collaboration in fostering educational communities, WATE introduced the Collaborative Award in 2021 and the Community & Culture Award in 2022.

Additionally, the Award for Postgraduates who Teach, honours Graduate Teaching Assistants for their valuable contributions to student learning and the academic community. Read more about the award categories.

Dr Arthur Galichere received the Social Sciences Faculty Award and Shantanu Chadha was acclaimed with the Postgrads who teach award.

Find out what Arthur and Shantanu said about being honoured in their respective categories:

Dr Arthur Galichere

“I am still very surprised to receive this award, especially as an early career academic. I feel deeply honoured and sincerely grateful to my students for their nomination and for the warm feedback I have received since joining Warwick. It is truly rewarding to know that my teaching has had a meaningful impact on their learning experience.

I am also thankful to the WATE jury for this recognition, and to my colleagues, whose support and inspiration have meant a great deal. I do not think this would have been possible without them.”

Dr Arthur Galichere is a Assistant Professor (Teaching Focussed) within the Department of Economics. View his staff profile.

 

Shantanu Chadha

“My research lies at the intersection of microeconomics and econometrics, with a focus on modelling the role of social and economic networks in shaping behaviour and policy outcomes. Alongside my focus on research, I also teach small-group seminar classes as a Senior Graduate Teaching Assistant. Teaching has always been deeply meaningful to me and is one of the key reasons behind my decision to pursue a PhD.

Just being nominated for the Warwick Awards for Teaching Excellence (WATE) was a surreal feeling and provided immense satisfaction for all the hard-work I try and put in to ensure that my students not only learn but do so in a fun, inclusive and safe environment, and winning the award was just the cherry on top.

This award reaffirms my commitment to creating inclusive, student-centred learning environments where students not only thrive academically but are also empowered to think critically and apply their knowledge to real-world challenges. It is an honour I carry with immense pride and responsibility, and I am deeply grateful to the department, my module lecturers, and—most importantly—my students for recognising my efforts and helping me grow as a tutor.”

Shantanu Chadha is a PhD student and a Senior Graduate Teaching Assistant within the Department of Economics. View his staff profile.

 

Studying for a Master’s degree in Economics at Warwick is more than attending lectures, submitting coursework, and sitting exams – it’s a transformative experience that shapes careers and lives. For sisters Neharika and Krithika Rajagopalan, who pursued their MSc Economics degrees in 2013 and 2017 respectively, their time at Warwick was more than an academic pursuit; it was a defining chapter that led them to impactful careers in development economics, sustainability, and mental wellness advocacy.

Choosing Warwick Economics: a family decision

Growing up in India (Chennai), Neharika and Krithika developed a passion for economics early on, nurtured by their parents’ discussions about policy and social issues. Their father, a self-made individual who pursued his education through government scholarships, instilled in them the value of giving back to society. Their mother reinforced these ideals, prompting thoughtful conversations about socio-economic challenges.

After completing her undergraduate studies at Ethiraj College for Women in Chennai, Neharika sought global exposure and decided to pursue a Master’s degree abroad. The UK, with its financially viable one-year Master’s programmes, was an attractive option. She chose Warwick after hearing from peers and family about the University’s strong Economics course and student-friendly environment.

Krithika, following in her sister’s footsteps, also applied to Warwick, recognising its commitment to academic excellence and student wellbeing. Her journey to Warwick, however, was marked by deep personal loss. Just months before she was due to begin her studies, their father passed away suddenly. Encouraged by their mother’s unwavering support, Krithika decided to continue with her plans, knowing that Warwick would provide both academic rigour and a supportive environment. She recalls:

"Warwick wasn't just a university; it was a place that truly understood the needs of its students. The way the staff supported me after my father's passing - by offering accommodation near a resident tutor and extending kindness beyond policies - made all the difference in helping me settle in."

Making careers choices after graduation

Both sisters took their learnings from Warwick and applied them in impactful roles across development economics, sustainability, climate change, and monitoring and evaluation.

Neharika’s career began with the Indian Council for Research on International Economic Relations (ICRIER), where she worked in sustainable urbanisation under renowned Indian economist Dr Isher Judge Ahluwalia. She later moved into consulting roles at Ernst & Young LLP, Asia Society for Social Improvement and Sustainable Transformation (ASSIST), and IFMR LEAD, specialising in ESG strategy, policy& development, and sustainable development.

Krithika, meanwhile, worked with institutions such as IFMR LEAD, and professors from the University of Pennsylvania, and MIT on behavioural research studies, followed by roles at CLEAR/J-PAL South Asia and CEGIS, where she helped refine monitoring and evaluation frameworks and improve data accuracy in state governance.

The shift to independent consulting

Having gained valuable experience in roles within large international organisations, the sisters felt drawn to independent consulting, which led them to establish their own consultancy, Nivritti Advisory. They recognised that their work – focused on culture, sustainability, and mindset shifts – required an approach beyond traditional deliverable-based structures. Consulting allowed them to work autonomously, blending their complementary skills: Neharika’s expertise in sustainability advisory and writing, and Krithika’s strength in field interactions, data visualisation, and impact measurement.

Their consultancy has led them to meaningful projects such as climate budgeting for Chennai’s municipal governance in collaboration with C40 Cities, a study on establishing a wellness centre at IIT Madras, and policy brief on electronic health records' adoption in India funded by FCDO UK and released by the British High Commissioner and the Chief Economic Advisor in India. Their work brings together data-driven research with human-centred approaches, making an impact across policy, corporate sustainability, and mental wellness.

Sustainability as a core philosophy

For Neharika and Krithika, sustainability is more than environmental responsibility – it’s a way of life that encourages mindfulness, long-term vision, and conscious decision-making. They advocate for a return to India’s traditional philosophy of earning money rather than making money, emphasising that financial stability should coexist with ethical and sustainable practices. Neharika explains:

“Sustainability isn’t just about reducing carbon footprints or setting targets – it’s about making thoughtful decisions every single day. The smallest actions, when done mindfully, shape the future.”

Their work is guided by this ethos, ensuring that economic and environmental goals are integrated rather than treated as separate entities. This belief is central to their consultancy efforts, as they encourage corporations, governments, and individuals to adopt sustainable practices in ways that are practical, adaptable, and culturally relevant.

Giving back through DESHA DHWANI

Among their many initiatives, DESHA DHWANI stands out. The sisters launched this mental wellness platform in 2019, inspired by personal experiences and the realisation that a secure childhood plays a significant role in building resilience. Their workshops, which combine traditional Indian wellness practices with contemporary mental health approaches, are conducted across schools, colleges, and workplaces, helping individuals navigate stress and life challenges. Neharika reflects:

“Our personal experiences made us realise the importance of mental resilience. We were privileged to have a secure childhood, but many do not. With DESHA DHWANI, we hope to create awareness about mental wellness and help others develop inner strength.”

Both sisters are also passionate Carnatic singers, occasionally performing joint concerts. Music, like their work, remains a powerful tool in shaping perspectives, fostering wellbeing, and preserving cultural heritage.

Cherished memories from Warwick

Beyond the academic experience, Warwick holds cherished memories for both sisters. Neharika recalls her first experiences of independence – walking to Tesco at Cannon Park, savouring hot chocolate at the Library Café, and seeing snow for the first time. She fondly remembers the kindness of the lady who cleaned their rooms and even gifted her family Christmas presents.

For Krithika, Warwick was a place of community, support, and discovery. She spent time playing badminton and tennis, studying in the Economics Department’s common room, and navigating challenges with the help of university staff.

We are grateful to Neharika and Krithika for sharing their story with us, and we wish them every success in the future.

Top banner: Neharika (left) and Krithika (right)

To connect with Neharika and Krithika, please visit their LinkedIn profiles:

• Neharika Rajagopalan, (MSc Economics 2013), Independent Consultant, Co-founder Nivritti Advisory, Delhi
• Krithika Rajagopalan, (MSc Economics 2017), Independent Consultant, Co-founder Nivritti Advisory, Chennai

A new book by Bishnupriya Gupta published by Cambridge University Press has been launched at the British Academy in London.

An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century offers a major new economic history of India from the reign of Akbar in the sixteenth century to India’s post-independence integration into the global economy.

Over 50 delegates attended the launch to hear from a range of social science experts on the important role the new book plays in understanding India’s economic position in the world.

Describing a professional relationship spanning 25 years, Mark Harrison, Emeritus Professor of Economics at the University of Warwick and fellow of the British Academy introduced Bishnu’s influential work on Asian and Indian history. He described its significance in uncovering old myths and establishing new facts over a period of 500 years.

Bishnu then talked about the journey her research took to truly understand the effect of colonialism in India. She highlighted the need to take a long view, and a particular need to write about the impact of colonisation on the average person. How did they fare under British rule? How did they respond to globalisation? And who benefitted from the railways?

“To understand any period in history you need to understand what went before and what came after”

Tirthankar Roy, Professor in Economic History at the London School of Economics followed. He described the importance of understanding economic history to show growth and inequality – not just for specialists but for everyone.

Finally, Ilari Mäkelä, science communicator and podcast producer, discussed the questions the book raises around the great divergence debate, grounding history in the experience of real people, and social bias in policy implementation – particularly educational investment.

Bishnupriya Gupta said:

“I am happy to be able to bring this work to publication. The book has been based solely on evidence and data, and spanning economic, sociological and cultural study. I hope it answers the fundamental question - how do we know what we think we know?”

About the Author

Bishnupriya Gupta is Professor of Economics at University of Warwick and CAGE Research Director. She has published widely on industrial development in colonial India, gender norms in India and is a key contributor to the debate on the Great Divergence.

• An Economic History of India: Growth, Income and Inequalities from the Mughals to the 21st Century can be purchased from Cambridge University Press
• Listen to CAGE Research Director, Bishnupriya Gupta discuss her work on colonialism and the economic history of India for the On Humans podcast What about India? Moghuls, British and the Causes of Poverty

At the heart of our Department’s welcoming and inclusive community are our exceptional Student Mentors. These dedicated volunteers play a vital role in supporting new students as they transition into university life - offering guidance, sharing experiences, and helping to foster a sense of belonging from day one.

Through their empathy, approachability, and commitment, our mentors create a safe and supportive environment where students feel comfortable asking questions and building connections. The Mentor Scheme not only strengthens our academic community but also helps students form lasting friendships and networks within the Department.

Each year, we celebrate the outstanding contributions of our mentors at the Mentor Award Celebrations—an opportunity to recognise those who have gone above and beyond in their roles. Students were invited to nominate mentors who made a meaningful impact, and we are delighted to announce the winners of the Mentor Awards 2024/25:

May’s local elections saw a surge in support for the right-wing populist party Reform. What might be driving this swing away from mainstream parties? Do the results reflect what voters are seeing in their local environment? Professor Thiemo Fetzer explores the findings of a recent studyLink opens in a new window with Jacob Edenhofer and Prashant Garg, published in Economics Letters.

"In towns across England and Wales, empty storefronts stand as silent witnesses to economic transformation. These vacant premises represent more than just business failures. They are visible wounds in the social fabric of communities, and as our research demonstrates, powerful drivers of political change.

Our study reveals a significant positive association between high street vacancy rates and support for the right-wing populist UK Independence Party (UKIP) between 2009 and 2019. This finding adds crucial empirical evidence to the growing literature on the relationship between local economic conditions and populist voting behaviour.

Beyond Economic Metrics

While economists often focus on traditional measures like GDP growth, unemployment rates, or wage stagnation, our research suggests that the visible manifestations of decline may matter more for political behaviour than abstract economic indicators. High street vacancies serve as daily visual reminders of community deterioration that affect all residents, not just those directly impacted by job losses.

"The perception of local decline versus actual economic metrics is what matters," I noted in recent discussions of this work. "Economic welfare has improved overall, but structural transformation creates winners and losers." This distinction is crucial. A community might show positive economic growth on paper while experiencing the hollowing out of its social spaces. The empty café where pensioners once gathered, the shuttered shop where neighbours exchanged local news—these losses represent more than economic transactions. They represent the erosion of community bonds.

The Social Consumption Crisis

High streets traditionally served dual functions: economic exchange and social consumption. The latter function - providing spaces for community interaction -has been largely overlooked in economic analyses of retail decline. Our research highlights how the disappearance of these social consumption spaces contributes to isolation and loneliness, particularly among older residents who are less integrated into digital social networks. This isolation creates fertile ground for populist messaging that promises to restore a lost sense of community and belonging and creates constituencies receptive to narratives of restoration and blame.

The Geography of Resentment

The spatial distribution of high street vacancies reveals important patterns. Areas experiencing the most visible decline aren't necessarily the poorest regions, but often those undergoing rapid structural transformation as consumption patterns shift online.

Particularly concerning is the persistence of these vacancies. Our data shows that many premises remain empty three years after retail chain collapses, creating lasting changes in community perceptions and political attitudes.

Narrative Exploitation

Populist parties have proven adept at channelling grievances about visible decline into political narratives that blame outsider groups. Ironically, our research shows that immigrants rarely settle in declining areas, yet anti-immigration sentiment often flourishes there.

"Populist politicians exploit local grievances," I noted in a recent interview. "The decline of local journalism creates an information vacuum filled by social media and populist messaging." This narrative exploitation is particularly effective because the causes of high street decline - including technological change, shifting consumption patterns, and global supply chains - are complex and impersonal. Populist narratives offer simpler explanations and identifiable culprits.

Policy Implications

Our findings suggest several potential policy interventions:

• First, ownership structure matters. Areas with less-fragmented commercial real estate ownership appear better equipped to weather structural economic changes. Policy makers should consider incentives for coordinated ownership or management of high street properties.
• Second, digital infrastructure investment could extend the reach of agglomeration economies to declining areas. Remote work opportunities might allow residents to participate in dynamic urban economies while maintaining local community ties, a point I've emphasized in discussions about the potential benefits of population migration to the countryside.
• Third, communities need alternative social consumption spaces. As commercial venues decline, public investment in community centers, libraries, and parks becomes increasingly important.
• Finally, revitalizing local journalism could help counter populist narratives about decline by providing accurate information about local conditions and fostering community dialogue.

Conclusion

The relationship between high street vacancies and populist voting behaviour reveals how changes in the lived environment shape political preferences. Empty storefronts represent more than economic statistics—they are visual signifiers of community transformation that affect residents' sense of place and belonging.

By understanding these connections, we can develop more effective responses to the challenges of structural economic change and the political reactions they provoke. The future of our democratic politics may depend on how we address not just the economic realities of decline, but its visible manifestations in the spaces where community life unfolds."

• Thiemo Fetzer, Jacob Edenhofer, Prashant Garg (2025) Local decline and populism, Economics Letters, Volume 252, 2025, ISSN 0165-1765. https://doi.org/10.1016/j.econlet.2025.112360.