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

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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>Households have accumulated £150bn of excess savings during Covid, fuelling bullish narratives. Overall, households are not declaring an intent to spend this windfall, though, with many experiencing severe pain and a net balance planning to cut back.</em></li>
<li><em>Savings are accumulating among those least likely to spend it. Almost half plan to hold them, with about a third investing it, fuelling the housing boom, while only 7% intend to spend the gain. We remain relatively gloomy on GDP growth, especially in H2 2021.</em></li>
</ul>


Households have accumulated £150bn of excess savings during Covid, fuelling bullish narratives. Overall, households are not declaring an intent to spend this windfall, though, with many experiencing severe pain and a net balance planning to cut back.
Savings are accumulating among those least likely to spend it. Almost half plan to hold them, with about a third investing it, fuelling the housing boom, while only 7% intend to spend the gain. We remain relatively gloomy on GDP growth, especially in H2 2021.


UK: Savings Are Not for Splurging