The changes were initially announced in December following an independent review by Kevin Warsh, a former Federal Reserve governor, and are being trialled over the next two months by the bank.
The MPC will also publish the minutes of its discussions and Inflation Report alongside the announcement of its policy decision. All changes will be trialled from today but MPC minutes will be held back for publication two weeks after the BoE’s announcement until the full implementation in August.
Announcing the changes in December, the BoE said the reforms would make the bank “more accountable to the British people”.
Amendments to the MPC’s meeting schedule will mean the first part of its meeting, currently held the day before the announcement, will instead be conducted around one week beforehand.
The MPC said it will continue to meet on a monthly basis, but from 2016 will have eight of its twelve meetings evenly spaced throughout the year, with the remaining four meetings to be used both to decide monetary policy stance and to hold discussions with the Financial Policy Committee.
