http://www.bbc.co.uk/news/business-26153122

And he's still doing a better job than his predecessors, even if it's just the PR side of it.

yeah, right. There's a set level of unemployment at which point he's supposed to raise interest rates and when unemployment gets within .1% of that he says 'you know what, we're going to change the criteria'.

I believe that's called 'moving the goalposts' and it's not something to be applauded. Why not just say '"I'm not going to raise interest rates because if I do this property bubble we've based the recovery on will burst" and be done with it.

Because managing house prices is a matter for the newly created Financial Policy Committee of the Bank of England with its shiny new macroprudential toolkit.

Interest rates (set by the Monetary Policy Committee) affect business investment and international capital flows among other things. They are not a one-dimensional tool suited to narrow obsessions like yours, they cause money to gush or trickle into an entire economy. The main reason for raising rates when unemployment falls below a given threshold is that it is a signal of inflationary pressure; which, over a time period of a couple of years it would have been. But as that number has been reached with unexpected haste, it is not currently a very reliable indicator of imminent inflationary force.

He has some valid reasons not to. The type of employment is not really great, too many on part time and really wanting full time jobs, and a million on zero hour contracts which will not sustain an economy. An increase in more full time work will be needed to make the economy more sustainable. Also real wages need to go up but until that starts to happen to those lower on the income ladder it will not be good to increase interest rates.