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>Headline UK inflation was broadly unchanged in August. However, core and services inflation rebounded, shrinking the undershoot relative to the BoE’s last forecast.</li><li>Airfares spiked, partly offset by ongoing weakness in hotel prices. Both should unwind in September. The median inflationary impulse sustained the most weakness since 2021.</li><li>Another round of inflation-busting wage increases sustains underlying pressures. Energy prices will also stoke above-target inflation in 2025 but not prevent a BoE cut in Nov-24.</li></ul><p></p>

Headline UK inflation was broadly unchanged in August. However, core and services inflation rebounded, shrinking the undershoot relative to the BoE’s last forecast.Airfares spiked, partly offset by ongoing weakness in hotel prices. Both should unwind in September. The median inflationary impulse sustained the most weakness since 2021.Another round of inflation-busting wage increases sustains underlying pressures. Energy prices will also stoke above-target inflation in 2025 but not prevent a BoE cut in Nov-24.

UK Core CPI Strength Narrows