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 PMI Builds on Inventories in Dec-18

FLASH: UK Partially Recovers into 2018 Yearend

FLASH: UK GDP Boosted by Consumers in Nov-18

FLASH: UK PMI Manu’ Partially Rebounds in Nov-18

FLASH: UK GDP Growth Halving After a 3Q18 Surge

FLASH: UK's Nov-18 Slowdown May Be the Trough

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 grew by 0.1% m-o-m in Oct-18, as expected. A soft statistical carry-over effect still looks set to slow GDP growth to a low 0.3% q-o-q in 4Q18.</em></li>
<li><em>Manufacturing output was the main sectoral source of surprise weakness. It is, nonetheless, probably related to new emissions standards, so should be temporary.</em></li>
</ul>


UK monthly GDP grew by 0.1% m-o-m in Oct-18, as expected. A soft statistical carry-over effect still looks set to slow GDP growth to a low 0.3% q-o-q in 4Q18.
Manufacturing output was the main sectoral source of surprise weakness. It is, nonetheless, probably related to new emissions standards, so should be temporary.


FLASH: UK GDP Offset Vehicle Disruption in Oct-18