The UK government’s Treasury Select Committee (TSC) is set to
reopen its inquiry on the future of cheques after receiving a
flurry of letters from the public concerned about the 2018 phasing
out of the paper payment type.

The Committee launched an investigation in February 2010 and
took evidence from a range of organisations, including the UK
Payments Council.

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A forecast of the cheque’s terminal decline was presented to the
Committee not only failed to convince but the rigour of its
cost-benefit analysis was called into question.

“The Payments Council had seemingly forgotten about the millions
of people who remain less at ease with the latest technology,” said
Treasury Committee chairman Andrew Tyrie MP.

“Since our last inquiry we have been inundated by letters from
the public telling us that they rely on cheques.

“Many charities, small business and vulnerable people –
including pensioners – depend on cheques. Their needs must be
considered and they should not be forced into shredding their
cheque books.”

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Tyrie also voiced his shock that the Payments Council hadn’t
appeared to have conducted a rigorous cost-benefit analysis when it
last gave evidence. He claims the Council has been told to go away
and do some number crunching and it will be in this new inquiry
that the TSC will examine its latest conclusions and work.