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UK outlines new law to push through BoE's reform plans

LONDON (Reuters) - Britain outlined new legislation on Wednesday that will allow the Bank of England to complete its reforms under Governor Mark Carney, including plans to reduce the number of monetary policy meetings each year.

The new Conservative government's agenda for the coming year, presented on Wednesday as parliament opened, outlined a new Bank of England Bill designed to strengthen the BoE's governance and accountability.

The BoE put forward plans last year to provide the details behind its interest rate announcements instantly rather than wait for nearly two weeks before publishing minutes as it does now.

The changes will also mean the Bank holds only eight monetary policy meetings a year starting in 2016. The changes were based on proposals from former U.S. Federal Reserve governor Kevin Warsh, who led a review of transparency at the Bank in 2014.

Currently, the BoE's Monetary Policy Committee is required to meet at least once a month, more frequently than the Fed and the European Central Bank.

The government said its new bill would help to fully implement Warsh's recommendations, which include joint meetings of monetary and financial policymakers four times a year.

The main elements of the bill will be announced in due course, the government said.

(Reporting by Andy Bruce; Editing by Hugh Lawson)