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

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>Only half of the retail sector’s horrible hangover recovered in Jan-22, and the mix still skews relatively far away from stores.</li>
<li>The end of draconian covid policies should support some more normalisation of spending patterns in 2023. Unfortunately, inflation is increasingly squeezing real income growth. </li>
<li>Such constraints tend to shrink retail volumes as consumers resist raising their spending values. For example, real wage weakness meant no real retail sales growth between 2010 and 2013.</li>
</ul>


Only half of the retail sector’s horrible hangover recovered in Jan-22, and the mix still skews relatively far away from stores.
The end of draconian covid policies should support some more normalisation of spending patterns in 2023. Unfortunately, inflation is increasingly squeezing real income growth. 
Such constraints tend to shrink retail volumes as consumers resist raising their spending values. For example, real wage weakness meant no real retail sales growth between 2010 and 2013.


UK: Consumers Face Inflation Constraint