After the House of Lords debated phasing out cheques by 2018, they have told the Payments Council that any alternatives must include a paper-based system. Lord Sassoon, treasury secretary, said:
"Back in December 2009, the government welcomed the commitment made by the Payments Council, which was clear that if it took a decision to end the present system of cheque clearing in October 2018, it would do so only if there is an available, acceptable and widely adopted alternative system. The government have been clear that that must include a paper-based system."
But some peers wondered how a new paper system would differ significantly from cheques. Sassoon cited the decline in the use of cheques and said that a rewrite of the current system would be "very expensive", while insisting that a new sysytem must be "acceptable to small businesses, charities and other individuals".
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