From 2015, the Bank of England will publish policy decisions and minutes of policy meetings at the same time, in an effort to communicate more clearly with the public.
At present, minutes of Bank policy discussions are made public around two weeks after decisions are given.
The move will make it easier for investors and firms to interpret signals from the Bank, an analyst said.
The number of policy meetings will also be cut from 12 to eight per year.
Bank of England governor Mark Carney said: “By removing the present drip-feed of news… in favour of a single monetary policy announcement, we believe these arrangements will enhance the effectiveness of our monetary policy communications, making the policy signals we send as clear as possible.”
In June Labour MP Pat McFadden likened the Bank to an “unreliable boyfriend”, saying there had been a lack of clarity about the possible timing of interest rate rises.
While single policy announcements will take place from August 2015, reducing the number of Monetary Policy Committee (MPC) meetings will need a change to the law.
Chancellor George Osborne said he would seek to review the Bank of England Act after the next election.
“Ensuring the Bank is well positioned to fulfil its vital role of overseeing monetary policy and financial stability is a key part of the government’s long term economic plan,” he said.
The MPC’s main task is to keep inflation as close to 2% as possible, but it also sets interest rates.
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