David Blanchflower wants to change the MPC’s remit:

Professor Blanchflower also questioned whether the benchmark CPI index was the right tool for the MPC to measure inflation, because it does not take house prices into account. He suggested that including house prices could have helped the MPC to justify rate cuts sooner

I wonder if he made a fuss about this when appointed in June 2006? When interest rates should have been significantly higher?

Given the light taxation of, and stupid attitudes towards, property in the UK, house price bubbles are to be expected. Not including them in the inflation measure used by the MPC was always a stupid idea. The blame for that belongs mostly to Gordon Brown, but also to all current and past MPC members who were either:

• incompetent, and couldn’t see the danger
• realised it was a bad idea but lacked the integrity and moral courage to do anything about it
• corrupt, and profited from hyping up property prices