Bank of England holds interest rates as MPC minutes trial ends

The Bank of England has finished an internal trial of new procedures and from now on will publish details of monetary policy decisions on the same day as they are made.

 

In a much expected move, the nine-strong monetary policy committee held rates at 0.5 per cent today. They have been unchanged since March 2009.

 

But minutes of the meeting will not be published for another two weeks.

 

The minutes reveal the thinking behind the policy makers’ decision, giving people a better idea of when the first rate hike may be.

 

But from August, the Bank will do away with the two week wait for minutes and will publish them on the same day. It comes as a part of package of proposals to increase transparency.

 

The Bank has also started transcribing meetings, but these will be published with a delay of eight years.