Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

FLASH: UK GDP Story Rewrite Helps Aug-18 Hike

FLASH: UK Energy Offsets Late-2Q18 Manu’ Bounce

UK Labour Market: Bullish Headlines Are Back

Preview: BoE Postponing Hike Until August

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>Retail sales trounced expectations again in May by surging 1.3% to well above its trend. Negative payback is likely, but other measures support the strong</li>
<li>Confidence and consumer credit data have also rebounded recently. My tracking estimate of Q2 GDP growth is now at 0.34% q-o-q.</li>
<li>Concerns about the health of the consumer appear increasingly misplaced. Evidence of this should encourage the BoE to hike again in August.</li>
</ul> Data about the British consumer had broadly weakened earlier in the year to the…


Retail sales trounced expectations again in May by surging 1.3% to well above its trend. Negative payback is likely, but other measures support the strong
Confidence and consumer credit data have also rebounded recently. My tracking estimate of Q2 GDP growth is now at 0.34% q-o-q.
Concerns about the health of the consumer appear increasingly misplaced. Evidence of this should encourage the BoE to hike again in August.
 Data about the British consumer had broadly weakened earlier in the year to the…

FLASH: UK Consumer Beats Doubters in May-18