London taxi fares to rise by 5.5% to stop cabbies quitting

The fares cabbies can charge are set by Transport for London

London taxi fares are set to increase by 5.5% in a bid to stem the number of drivers quitting the profession.

The new black-cab fares, which are in response to soaring fuel prices and the coronavirus pandemic, will come into effect on 30 April.

The changes will apply to journeys made between 05:00 and 22:00, although overnight rates will be frozen.

In March 2020, there were 18,961 taxis. As of February this year that number fell to 14,439, a drop of 24%.

The number of drivers has fallen by 2,693, a decrease of 12%.

• Fuel costs see London cabbies at standstill at ranks

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Transport for London said it wanted to ensure taxi drivers could cover their operating costs and continue to earn a living.

Graham Robinson, TfL's general manager for taxi and private hire, said the taxi industry had "faced significant financial pressures throughout the pandemic".

"The trade is also facing inflationary increases that need to be factored in to fares," he added.

The minimum fare will increase from £3.20 to £3.80 and fares to Heathrow Airport will rise as well.

Taxi fares were last increased two years ago.

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