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><em>Euro Area GDP grew by 2% q-o-q in 2Q21 from only 0.5% more employees. Productivity is likely to recover its pre-covid level in H2, along with GDP. Efficiently adapting to the new normal, as measured in productivity, is critical to long-term performance.</em></li>
<li><em>Surveys still point to another strong quarter for the EA in Q3, with signs of topping out coming later than in the UK. Future growth will rely less on returning workers.</em></li>
</ul>


Euro Area GDP grew by 2% q-o-q in 2Q21 from only 0.5% more employees. Productivity is likely to recover its pre-covid level in H2, along with GDP. Efficiently adapting to the new normal, as measured in productivity, is critical to long-term performance.
Surveys still point to another strong quarter for the EA in Q3, with signs of topping out coming later than in the UK. Future growth will rely less on returning workers.


EA: Catching Productivity on the Rebound