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 Oct-18 PMIs Corroborate Q4 Slowdown

FLASH: UK GDP Growth Halving After a 3Q18 Surge

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

FLASH: UK 3Q18 GDP Growth Now Tracking 0.5% Q-O-Q

FLASH: UK Manu’ PMI Overtakes EA in Sep-18

FLASH: UK Sep-18 PMIs Support 0.5% 3Q18 GDP

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>Although UK monthly GDP was flat in August, upwards revisions to July have raised my tracking estimate for 3Q18 growth to 0.6% q-o-q. This outcome would also be a bullish surprise for the BoE ahead of its next Inflation Report.</em></li>
<li><em>Energy utility output was responsible for about 3.5bp of the upside in July, which closed some of the gaps to the National Grid data.</em></li>
</ul>


Although UK monthly GDP was flat in August, upwards revisions to July have raised my tracking estimate for 3Q18 growth to 0.6% q-o-q. This outcome would also be a bullish surprise for the BoE ahead of its next Inflation Report.
Energy utility output was responsible for about 3.5bp of the upside in July, which closed some of the gaps to the National Grid data.


FLASH: UK GDP Revisions Raise 3Q18 Forecast to 0.6%