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 IP Relies on Energy to Grow in Jan-19

FLASH: UK PMIs Overstate Sour Start to 2019

FLASH: BoE Sees Gloom Before Room to Raise Rates

FLASH: UK GDP Offset Vehicle Disruption in Oct-18

FLASH: UK Partially Recovers into 2018 Yearend

FLASH: UK Retail Surges into Christmas 2018

FLASH: UK PMI Builds on Inventories in Dec-18

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><em>UK monthly GDP exceeded expectations by growing 0.2% m-o-m in Nov-18. Consumption supported the distributive trades well beyond retail and this more than counterbalanced the disappointment in IP.</em></li>
<li><em>Absent revisions, no growth is needed in December for 4Q18 GDP growth to exceed the BoE’s pre-Christmas forecast at 0.3% q-o-q, which remains my prediction.</em></li>
</ul>


UK monthly GDP exceeded expectations by growing 0.2% m-o-m in Nov-18. Consumption supported the distributive trades well beyond retail and this more than counterbalanced the disappointment in IP.
Absent revisions, no growth is needed in December for 4Q18 GDP growth to exceed the BoE’s pre-Christmas forecast at 0.3% q-o-q, which remains my prediction.


FLASH: UK GDP Boosted by Consumers in Nov-18