Matthew Baker

The widespread decline of local news is not merely a cultural or democratic crisis. It is a major challenge to the fiscal health of state and local governments. In 2020, finance scholars Pengjie Gao, Chang Lee, and Dermot Murphy demonstrated that the loss of local newspapers leads to higher municipal borrowing costs for local governments, which ultimately trickle down to local residents via higher taxes or reduction in services.

Building on a landmark municipal bond market study, new analysis puts a price tag on the costs of news deserts to local governments EXECUTIVE SUMMARY The widespread decline of local news is not merely a cultural or democratic crisis. It is a major challenge to the fiscal health of state and local governments.

Financial services sit at the heart of the UK government’s modern Industrial Strategy. Designated as one of eight “growth-driving sectors”, it is expected to play a central role in supporting economic growth – yet it faces intensifying global competition from alternative financial centres worldwide. Against that backdrop, the government has repeatedly stated that boosting the sector’s growth and international competitiveness is a top priority.