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: Passing the Peak Rebound Pace into August

UK: GDP Recovery Lags and Languishes in Jul-20

UK: Winter Is Coming to Crush the Recovery

UK: Recovery Lags in Most Sectors Through June

UK: 40% Recovery in May-20 Split Unevenly

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 crashed by 20.4% in Q2 as many economic activities ceased during the lockdown. The staged re-opening of the economy had more traction in June, though, with output growing by 8.7% m-o-m, cumulatively recovering almost a third of the fall.</li>
<li>The brightest areas remain those that resumed earliest, while enormous growth rates in decimated areas make a dent that is hard to see amid the damage.</li>
<li>Further easing of lockdown in July allowed more businesses to re-open and should support an even brisker bounce then. However, I remain relatively gloomy about the extent of normalisation that can occur amid persistent changes.</li>
</ul>


UK GDP crashed by 20.4% in Q2 as many economic activities ceased during the lockdown. The staged re-opening of the economy had more traction in June, though, with output growing by 8.7% m-o-m, cumulatively recovering almost a third of the fall.
The brightest areas remain those that resumed earliest, while enormous growth rates in decimated areas make a dent that is hard to see amid the damage.
Further easing of lockdown in July allowed more businesses to re-open and should support an even brisker bounce then. However, I remain relatively gloomy about the extent of normalisation that can occur amid persistent changes.


UK: GDP Starts Recovery Within a Brutal Q2