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 Growth Halving After a 3Q18 Surge

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

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

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

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

FLASH: UK Manu’ Surveys Slow Together in Oct-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

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<li><em>The UK’s services PMI dropped by 1.7 points to 52.2 in Oct-18. Together with a dip in the manufacturing PMI, it indicates a slowing below the post-referendum trend.</em></li>
<li><em>Frontloaded growth in Q3 was already presenting a pitifully poor statistical carry-over effect into Q4, contributing to my forecast for GDP growth to temporarily half to 0.3% q-o-q. The BoE similarly sees recent growth subtracting from Q4.</em></li>
</ul>


The UK’s services PMI dropped by 1.7 points to 52.2 in Oct-18. Together with a dip in the manufacturing PMI, it indicates a slowing below the post-referendum trend.
Frontloaded growth in Q3 was already presenting a pitifully poor statistical carry-over effect into Q4, contributing to my forecast for GDP growth to temporarily half to 0.3% q-o-q. The BoE similarly sees recent growth subtracting from Q4.


FLASH: UK Oct-18 PMIs Corroborate Q4 Slowdown