Subsidise bank charges on US cheques

From a letter to the Institute.

Hundreds of business in the UK are 'going under' per week. Some of them (1%?) might still be alive if it were practical to advertise for sales in the U.S. What makes it impractical is the fees UK banks charge for processing foreign cheques. If the UK business crisis is as dire as it sounds, perhaps the government would be more willing than usual to consider my unorthodox export-incentive scheme: Prohibit extra charges on US cheques, give banks tax rebates on each such cheque they process, and establish a clearing house for US cheques in London. The increased tax revenue from more-profitable exporters, plus reduced unemployment payments, should compensate the government for its tax give-backs and start-up costs. The US would also benefit: many British products are much superior to what we have over here.

Roger Knights, 5446 45 Avenue, SW Seattle, WA 98 l36-1108, USA (tel 0101 206 932 5446; fax 0101 206 932 9324).