The Bank of England today said it would release full transcripts of the meetings during which interest rate decisions are made to improve transparency — but rate-setters will meet less often in future.
The first set of transcripts — to be published after an eight-year lag — will appear in March 2023.
At the moment an audio recording is made of monetary policy committee meetings but it is destroyed shortly after.
General minutes, summing up the debate, are published two weeks later.
From next August these minutes will be published on the same day as the decision on rates is revealed.
The Bank is also recommending to the Chancellor of the Exchequer, George Osborne, that the number of interest rate meetings each year be reduced from 12 to eight from 2016, in line with Governor Mark Carney’s native Canada.
