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

UK: Vacancies Reveal Risk to Recent Resilience

UK: Jul-19 Surveys Still in Gloomy Ranges

UK: GDP Contraction Before Brexit Bifurcation

UK: Surveys Support 2Q19 Contraction Call

UK: GDP Fall Fades Hawkish Bias for Bank Rate

UK: IP Signs Converge on Contraction in 2Q19

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><em>UK monthly GDP rebounded by 0.3% m-o-m as car manufacturing normalised after its unusually concentrated maintenance cycle in April.</em></li>
<li><em>The 3m-o-3m rate of 0.3% exceeded all expectations as March was broadly revised up across the sectors. A stronger statistical carry-over effect lifts my 2Q19 GDP growth forecast by 0.1pp to 0.0% q-o-q and makes weakness appear more isolated.</em></li>
</ul>


UK monthly GDP rebounded by 0.3% m-o-m as car manufacturing normalised after its unusually concentrated maintenance cycle in April.
The 3m-o-3m rate of 0.3% exceeded all expectations as March was broadly revised up across the sectors. A stronger statistical carry-over effect lifts my 2Q19 GDP growth forecast by 0.1pp to 0.0% q-o-q and makes weakness appear more isolated.


UK: GDP Revisions Soften 2Q19 Weakness