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>UK GDP declined again in April, meaning output has only grown in one of the past five months. High consumption around Easter and recovering car trade were overwhelmed.</li>
<li>Health output crashed as covid-related trade ended, professional services fell from their highs, and industrial production continued retreating.</li>
<li>GDP probably contracted in Q2, but high inflation is currently more concerning to the BoE. It should help encourage more gradualism beyond August, though.</li>
</ul>


UK GDP declined again in April, meaning output has only grown in one of the past five months. High consumption around Easter and recovering car trade were overwhelmed.
Health output crashed as covid-related trade ended, professional services fell from their highs, and industrial production continued retreating.
GDP probably contracted in Q2, but high inflation is currently more concerning to the BoE. It should help encourage more gradualism beyond August, though.


UK: GDP Falls to Ill Health in Apr-22