Backpacker, the document link given by mrmum gives details of the CAA proposals.
Looks like it will probably be brought in line with the system used in Europe....i.e. similar system to the present (or worse?), just given a name change to make us more European.
Obviously, the way to improve the service by making it more accurate would be to provide a better network of local, real time, met broadcasting stations but unfortunately that would cost money and is probably unlikely to happen.