UK quarterly NGDP

I've just been taking a look at the second estimate of GDP. Here's what quarterly NGDP looks like (compared to quarter of previous quarter). 

Series code: IHYO.

It's becoming increasingly hard to argue that expectations should switch to a new lower NGDP growth rate, rather than policymakers should ensure that NGDP reflects estasblished expectations. For more see Britmouse.

P.S. Here's the forecast YOY growth of NGDP from the March 2012 OBR report: