In 2016, 477 million cheques were used for payments and to acquire cash across the UK with a total value of £551 billion. Of these,
- the C&CCC cleared 345 million in Great Britain (an average of 1.4 million a day),
- over 117 million stayed for processing within the banks themselves in Britain,
- 11 million were cleared in Northern Ireland by the BBCCL and
- 5 million stayed for processing within the banks themselves in Northern Ireland.
Serving a range of people, businesses and charities, the Cheque and Credit Clearing Company (C&CCC) and the Belfast Bankers’ Clearing Company (BBCCL) support the UK economy and wider society. The C&CCC alone facilitated the deployment of over £400 billion to the UK economy through the paper clearing process during 2016.
275 million cheques were written by individuals and 202 were written by businesses, demonstrating that despite greater choice for consumers and businesses, cheques continue to play an important and highly-valued role in the payments landscape. For example, cheques continue to be seen as a convenient way to pay tradespeople, manage cash flow, and are a popular way to pay utility bills, clubs and societies. Over the past year, our research found that nearly 9 in 10 UK charities and three quarters of UK businesses both received or made payments by cheque over a monthly period.
Bank Giro Credits, found at the back of chequebooks, are used by customers to pay cash or cheques into their bank accounts, and to pay utility, telephone and other regular bills. In 2016, 22 million credits were cleared worth over £15 billion.