MONMOUTH MP David Davies MP hailed the power of the people after the banking industry abandoned plans to scrap the use of cheques.
The Payments Council attracted widespread criticism with its proposals to phase out cheques by 2018. However, following a lengthy consultation period, it has instead been announced that cheques will continue for as long as customers require them.
Mr Davies described the decision as a victory for common sense and praised the industry for listening to all those people who use and rely on the trusted payment method.
“It would have been irresponsible for cheques to be abolished before a credible and coherent alternative had been developed,” he said.
“Large numbers of constituents contacted me with concerns about how difficult the loss of cheques would be for them. Indeed, scrapping cheques would have had serious ramifications for those who continue to reply on this trusted form of payment, especially the elderly, charities and small businesses.
“The Payments Council admitted it had been forced to change its mind by the weight of public opinion and I’m delighted that common sense has prevailed”.
Mr Davies said the focus now should be on making the existing cheque system faster and cheaper to operate.