Taxi fares in the capital are set to rise after Transport for London approved a 2.7% increase to help drivers “meet rising costs.”
The increase was approved by TfL’s board in recognition of ” a 12 per cent increase in fuel costs and a 2 per cent increase in average national earnings.”
In a statement TfL says it has tried “to find a balance between maintaining income levels for drivers, who face disproportionately high work-related costs compared to other Londoners, while ensuring passengers still get a fair price for the high quality and unique service provided by the capital’s taxi drivers.”
John Mason, Director of Taxi and Private Hire at Transport for London, said: “The annual taxi fare revision takes into account a range of components that make up taxi drivers’ running costs including vehicle costs, parts, fuel and insurance. This year’s moderate increase continues to seek to cover increases in the cost of running a London taxi whilst providing passengers with value for money for the journeys made in London’s world famous black cabs”.