The Bank of England said it wanted to cut the number of monetary policy meetings it holds to eight a year from 12.
It also said that from next August, it would publish minutes of its discussions immediately after policy decisions.
British finance minister George Osborne said that he backed the changes at the bank.
They are the biggest adjustment to the organisational framework for Bank of England monetary policy decisions since the central bank gained independent power over policy in 1998.
"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," the bank's Governor Mark Carney said.
The bank currently publishes minutes detailing discussions of the Monetary Policy Committee, and a breakdown of how its nine members voted, with a lag of nearly two weeks.
It also said today that it would start publishing transcripts of its policy discussions with an eight-year lag, effective from its March 2015 meeting.
While the change to the publication of minutes will take place from August 2015, reducing the number of annual MPC meetings to eight from 12 will need a change to the 1998 act which gave the Bank of England operational independence.
UK finance minister George Osborne said he would seek to pass the necessary legislation after May's election.
The European Central Bank is also reducing the number of policy-setting meetings it holds to eight a year from 12.
Mr Carney added that moving to eight meetings would give an equal chance of a rate move at each meeting, in contrast to the bank's current practice of preferring to change rates when they coincide with its quarterly economic forecast updates.
Under the planned changes, the MPC will meet for three days rather than two under the current system and deliberations on the first day would not be reported via the transcripts.
British legislators expressed disquiet in March at the Bank of England's practice of only publishing heavily edited minutes of key meetings, rather than following the US Federal Reserve's example of releasing full transcripts five years later.
Senior BoE official Paul Fisher said at the time that publishing full transcripts could discourage frank discussion.
The bank also said it planned to hold in 2016 four joint meetings of the MPC and the Financial Policy Committee, which is tasked with dealing with potential risks to the economy from the banking system.
