The Bank of England (BoE) announced last year that it will change the way it carries out and announces interest rate decisions. The central bank plans to announce its interest rate decision and to release its meeting minutes at the same day.

The first meeting held under the new rules should be held in August.

The BoE will test the new system over the next two months, starting today.

The Monetary Policy Committee (MPC) may move to meeting eight times a year rather than 12.