Bank to cut number of MPC meetings following independent review

The Bank of England has announced significant changes to the running of its Monetary Policy Committee (MPC) in response to an independent review of its practices.

The Bank plans to cut the number of MPC meetings from 12 to eight , publish MPC minutes at the same time as rate decisions, and make historic meeting transcripts available - albeit with an eight-year lag. The changes follow an independent review of the MPC's transparency practices and procedures by former Federal Reserve Board governor Kevin Warsh. In his report, Warsh recommended the Bank make reforms to its four key objectives: making sound policy decisions, communicating judgments effectively, ensuring accountability for its actions and creating a fair and accurate historical recor...