HELP FOR SMALL BUSINESSES

Motion Text

That this House notes that cheques drawn on banks in the United Kingdom can take up to five days to clear; further notes that delays in payment can jeopardise the future of small businesses; believes that in the 21st century it is possible to transfer funds from one bank account to another rapidly by means of information technology; believes that banks profit from keeping such funds in high interest accounts before transferring to their destination; recognises that the economy depends on the success of small business; and calls on the Government to introduce legislation to force banks to clear cheques more speedily.