BANKS WANT TO KILL OFF CHEQUE BOOKS

Industry experts say 2018 is the most likely date to axe the use of cheques.

In 1990, Britons wrote 11million cheques a day. This year the figure will be closer to four million and in eight year’s time it is likely to have dwindled to 1.5million a day.

Most high street stores have already stopped accepting cheques. And the Payments Council, which represents banks and payments industry, will today discuss phasing out their use completely. But more than 100 MPs oppose the move.

Lib Dem Mark Hunter said: “It’s scandalous that banks bailed out by the taxpayer are now planning to cause their customers massive inconvenience by scrapping the cheque.” A spokesman for consumer group Which? said: “Prematurely getting rid of cheques will make life very difficult for many of the most vulnerable, including the elderly, the housebound and those who don’t have access to the internet.”

Many small businesses also oppose the plan.