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>A mild start to the European winter has reversed the past year’s energy price surge. They remain painfully high and volatile by typical standards amid ongoing supply risks.</li>
<li>Falling futures prices roll into a lower energy price cap. We now expect the government to cancel its planned Energy Price Guarantee rise to avoid a temporary spike in Q2.</li>
<li>The price level effect lowers inflation for a year, helping the government meet its 2023 plan. A cut could still occur in Jul-23 if not offset by extra policy costs.</li>
</ul>


A mild start to the European winter has reversed the past year’s energy price surge. They remain painfully high and volatile by typical standards amid ongoing supply risks.
Falling futures prices roll into a lower energy price cap. We now expect the government to cancel its planned Energy Price Guarantee rise to avoid a temporary spike in Q2.
The price level effect lowers inflation for a year, helping the government meet its 2023 plan. A cut could still occur in Jul-23 if not offset by extra policy costs.


UK: Less Costly Energy Spares EPG Hike