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>UK GDP exceeded expectations in March as it rebounded by 2.1% m-o-m, limiting the Q1 decline to 1.5% q-o-q. That performance is one of the worst in the world, compounding previous economic pains from the UK’s relatively tight and long lockdown restrictions.</li>
<li>Education drove the rise as school’s re-opened, with health extending its surge amid vaccination spending. The extent of that and the boom in construction output surprised. </li>
<li>Many businesses have remained reluctant to resume trading at the start of May. About 10% remain temporarily closed, similar to December, and about 1% have permanently shut since then. Persistent pains will only be revealed after the mechanical rebound.</li>
</ul>


UK GDP exceeded expectations in March as it rebounded by 2.1% m-o-m, limiting the Q1 decline to 1.5% q-o-q. That performance is one of the worst in the world, compounding previous economic pains from the UK’s relatively tight and long lockdown restrictions.
Education drove the rise as school’s re-opened, with health extending its surge amid vaccination spending. The extent of that and the boom in construction output surprised. 
Many businesses have remained reluctant to resume trading at the start of May. About 10% remain temporarily closed, similar to December, and about 1% have permanently shut since then. Persistent pains will only be revealed after the mechanical rebound.


UK: Less of a Global Laggard in Q1