Transport for London’s board has approved a 2.7% increase in the cost of fares for black cabs in the capital. TfL says the move – which is less than the current rate of inflation – is intended to help cab drivers cope with increased operating costs while at the same time keeping fares affordable for customers.
Blacks Cabs Fare Review
TfL conducted a consultation on black cab rates as part of their latest annual fares review. Trade organisations and other interested bodies, including London TravelWatch and the London Chamber of Commerce and Industry, were involved in the discussions.
A TfL spokesman commented: “The new fares aim 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.”
The director of Taxi and Private Hire at TfL, John Mason, added: “The annual taxi fare revision takes into account a range of components that make up taxi drivers running costs.
“This moderate increase seeks to cover increases in the cost of running a London black cab whilst providing passengers with value for money for the journeys made in London’s world famous black cabs.”
Cab Fee Freeze
TfL has also agreed to freeze licence fees for the coming year. This is the second consecutive year that a freeze has been placed on fees, with both hackney cab drivers and private hire drivers benefiting.