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mpc: 12 UK nominal GDP had fallen by 0.8% in 2008 Q4, and was only 0.5% higher than its level a year earlier. If unrevised, this would be the weakest four-quarter growth in nominal output since quarterly data began in 1956. Broad money (M4) had continued to grow strongly in the three months to January. However those high rates of growth were largely explained by the behaviour of the non-bank financial sector, and ­ within that sector ­ by increases in intermediation between banks and financial companies belonging to the same banking group. Those large flows were likely to have limited implications for asset prices and money spending. The stock of broad money excluding holdings by non-bank financial corporations had grown by 2.7% on a year earlier in January. This compared with a ten-year average annual growth rate of 7.6%.