..... Hurn running totals for three periods below (24 month/purple, 12 month/light blue, 10 month/green), with five points annotated on the 24 month series at the 'end year' of a notable lack of rain [ 1963, 1976, 1992, 2006, 2012 ].
As you can see, the current 24-month rolling totals are some way from touching these previous low points, but on the shorter time-scales (10/12 months), then we're beginning to head into the lower reaches of the series (starts 1957), so a continuation would be significant.
The new Met Office GPC outlooks have just been issued [
http://www.metoffice.gov.uk/research/climate/seasonal-to-decadal/gpc-outlooks ]. Poking around in the data, they indicate a bias to below-average PPN (and above-average Ta,=> greater potential evaporation/transpiration). If they turn out to be correct, then there may be problems by the summer's end; a complicated business though as others will no doubt point out - this is only dealing with water-in: water-out I'll leave to the Environment Agency :-)
Our minor tributory rivers/streams round here, notorious for reflecting low rainfall, are at the moment running fairly well (Stour, Avon basin).
Martin.