Taxi fares are to rise by 5.3 per cent after Transport for London’s board rejected a proposed 22% hike.
The Licensed Taxi Drivers’ Association had called for the higher increase to be charged during the daytime to ensure there were sufficient Taxis during the Olympic games.
However TfL say the “majority” of drivers who responded to their consultation “ believed it would reflect badly on taxi drivers and discourage custom.”
The TfL board has also approved a 20 pence increase to the minimum fare applied when a passenger gets into the taxi.
John Mason, Director of Taxi and Private Hire at Transport for London, said: “Each year we strive hard to balance affordability with the increasing costs taxi drivers face in providing a unique and world renowned service to the capital.
“The Mayor and TfL are convinced that the world famous knowledge that taxi drivers worked so hard to earn will play a key role this summer in transporting Games spectators and visitors around the capital. This increase will allow them to continue to do so while providing value for money to passengers.”
The new taxi fares will come into effect from 14 April 2012.