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They’re iconic, instantly recognisable, and you’ve probably only been in one if you’re financially flush. But they’re about to get even more expensive thanks to a huge price hike of almost 7.5 percent.
That’s right, we’re talking about black cabs. In April cabbies are set to raise their minimum fare by 40p and increase most tariffs by 5.05 percent. Transport for London’s finance committee is expected to approve the changes today (Wednesday 25 February), which represent an increase of 7.48 percent, around two and a half times the current national rate of inflation (3 percent in January).
Fares had previously been frozen since 2016, but went up by 7.6 percent in 2023 and 8.9 percent last year.
TfL has cited costs for drivers as the reason for raising fares this year, explaining that vehicle and insurance prices have gone up. TfL is keen to keep cabbies driving, and ‘ensure that taxi driving remains a viable career, licensed taxi drivers do not stop being a taxi driver and people will consider applying to become a licensed taxi driver’.
Licensed black cab numbers in London have dropped to 16,816 – the lowest since 1978 – which TfL warns may lead to an increase in wait times or taxis being unavailable.
Driver organisations have also pointed out that restrictions including low traffic neighbourhoods (LTNs) have already driven up fares, and that freezing them wouldn’t do much to help. Instead, they’re calling for better subsidy systems for vulnerable passengers. Accessibility charities and disability advocacy groups like Transport for All and Hackney Disability Backup have argued that fare hikes disproportionately affect disabled passengers, and the changes may lead to increased social isolation and difficulty in accessing essential services.
The cab fare increases will come in in April, when passengers will be paying between £4 and £5.12 per mile, depending on what time of day they’re travelling.
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