Bolt: Ride-hailing app to let London drivers set their own fares

The new feature is being rolled out in various cities

Bolt will allow drivers to set their own prices in an attempt to drive down waiting times and reduce cancellations.

It becomes the latest ride-sharing app to change how much it charges amid surging demand for minicabs.

Last week, rival Uber announced a 10% fare rise in London in order to address a driver shortage.

Bolt, which launched in London in 2019, said it takes between 10% and 20% commission on fares from drivers, who currently earn about £20 an hour.

Bolt currently has 65,000 drivers serving four million customers across 14 cities in the UK.

• Why is it so hard to find a minicab?

• Is Uber already harming the traditional taxi?

Uber collects a 25% "service fee" from drivers for each journey taken.

Earlier this year, Uber said its 70,000 UK drivers would be guaranteed a minimum wage of £8.72 an hour, holiday pay and pensions.

It comes after the Supreme Court ruled drivers must be treated as workers rather than self-employed.

Sam Raciti, Bolt's regional manager for western Europe, said: "Drivers have consistently asked us for the ability to set their own prices so they can ensure a journey is profitable enough before it's accepted.

"We have built our business around giving drivers total flexibility. These changes are part of that philosophy and will create a better functioning marketplace."