MPs believe the 2018 deadline to scrap cheques
in the UK should be stopped due to the reliance held by charities
and elderly people on the payment mechanism.
According to the Daily Telegraph,
Michael Fallon MP, a senior member of the UK’s government’s
Treasury Select Committee, said plans to end cheque clearing in
2018 should be postponed.
Go deeper with GlobalData
“We have had serious representations from
small businesses, and charities, all saying that they need to keep
cheques,” Fallon told the Daily Telegraph.
“There are millions of people who rely on
cheques. Millions are dependent on them and they should have that
option.”
The proposed cheque phasing plans are said to
risk cutting off a vital channel of income to UK charities as some
charities are believed to receive up to 80% of their income through
cheque payments.
Placing the 2018 deadline in further jeopardy
is the fact the Payments Council will not have performed the
cost-benefit analysis on cheque displacement requested by the TSC
during the re-opening of the cheque inquiry in March in time for
when it is due to present evidence to the Committee.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataInstead the Council is still working on
completing the analysis in a “thorough and efficient manner”. It is
not specified as to when the completion is likely to happen.
Related articles:
UK charities fear cheque
phasing plans
US Treasury 10-year cheque
phasing plan
