Central Banking

Britain to abolish cheque clearing in 2018

Britain plans to close its central cheque clearing system by the end of 2018, it emerged on Wednesday.

The Payments Council Board, which is charged with devising the strategy for British payments, set a target date of 31 October 2018 to stop clearing cheques.

The council noted that cheque use was in "long-term, terminal decline" with the amount of cheques cashed falling from a peak of 11m per day in 1990 to 4m. According to the council, the vast majority of major UK retailers have started to sto

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