London taxi fares are set to increase by 5.5% from 30 April in a bid to stem the exodus of black-cab drivers. The rise, approved by Transport for London (TfL), is a response to soaring fuel costs and the financial impact of the coronavirus pandemic.
The number of licensed taxis in the capital has fallen by 24% since March 2020, from 18,961 to 14,439 as of February this year. Driver numbers have dropped by 12%, a loss of 2,693 cabbies.
TfL said the fare increase aims to ensure drivers can cover their operating costs and continue to earn a living. Graham Robinson, TfL's general manager for taxi and private hire, noted the industry has faced significant financial pressures throughout the pandemic and inflationary increases that need to be factored into fares.
The changes apply to journeys between 05:00 and 22:00, while overnight rates will be frozen. The minimum fare will rise from £3.20 to £3.80, and fares to Heathrow Airport will also increase.
