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>Gas inventories are accumulating too slowly, so storage levels are at their lowest for the time of year and leaving little buffer against historically experienced drawdowns.</li>
<li>The location of storage matters to energy security, and yet the UK has the lowest level and fullness of storage in Europe, despite its relative vulnerability to being cut off.</li>
<li>A cold winter would squeeze prices much higher to destroy less sensitive demand, but that would be unusual for an El Niño year, trimming the probability of this painful risk.</li>
</ul>


Gas inventories are accumulating too slowly, so storage levels are at their lowest for the time of year and leaving little buffer against historically experienced drawdowns.
The location of storage matters to energy security, and yet the UK has the lowest level and fullness of storage in Europe, despite its relative vulnerability to being cut off.
A cold winter would squeeze prices much higher to destroy less sensitive demand, but that would be unusual for an El Niño year, trimming the probability of this painful risk.


Reliance On A Warm Winter