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 Manufacturing PMI Dip No Hurdle to Hike

FLASH: UK PMIs Weaker than for Historical Hikes

FLASH: UK Industry Supports 0.4% Q3 GDP Growth

FLASH: UK Industry Mixed but More Supportive

FLASH: UK PMI Surges Back, but IP Energy Is Weak

FLASH: UK Industry Builds Better Base for Q3

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>The ONS’s third estimate of Q2 GDP growth remained at 0.3% q-o-q, as expected. H2 2016 growth was trimmed and Q1 raised by 0.1pp to leave a smoother profile.</li>
<li>A surprise decline in service sector activity in July flips the risks around my Q3 GDP growth forecast of 0.4% q-o-q to now lie on the downside.</li>
<li>Consumption growth is slowing slightly less than previously thought, and a significantly better savings profile revises away some of the gloomier UK stories.</li>
<li>
The current account deficit was £7bn wider…</li>
</ul>


The ONS’s third estimate of Q2 GDP growth remained at 0.3% q-o-q, as expected. H2 2016 growth was trimmed and Q1 raised by 0.1pp to leave a smoother profile.
A surprise decline in service sector activity in July flips the risks around my Q3 GDP growth forecast of 0.4% q-o-q to now lie on the downside.
Consumption growth is slowing slightly less than previously thought, and a significantly better savings profile revises away some of the gloomier UK stories.

The current account deficit was £7bn wider…


UK Activity: Less Brisk but More Resilient