London taxi drivers will discover later this month the final recommendations put forward that could prompt taxi tariff increases of more than 11 percent.
If early proposals are given the green light by the Transport for London (TfL) Finance Committee, fares could rise by 11.64% across all tariffs in late April 2023.
TfL opened up a consultation reviewing London taxi (black cab) fares and tariffs back in November 2022.
The public survey looked to take in views on whether fares should be increased to take into account taxi drivers’ rising operating costs.
TfL also proposed changes to the extra charge for booked taxis and the fixed-fare shared-taxi scheme that operates during the Wimbledon Tennis Championships.
There were FIVE options available to taxi drivers and the public to choose from.
Options one and two both propose offering cabbies the full increase based on drivers’ rising operating costs as part of the Cost Index. Option one would see 11.64% added to all tariffs, but the minimum starting rate would be frozen at £3.80.
Alternatively for Option two, all tariffs could rise 8.8%, but the starting rate would increase by 40p to £4.20.
Options three and four propose to freeze late night tariffs and partially increase daytime and evening tariffs by 7.61% and 4.02% respectively.
Option five proposes that all tariffs remain frozen at the current rates with taxi drivers picking up the full bill for the 11.64% increase in costs and inflation.
TfL’s Finance Committee are set to meet on Wednesday 8 March 2023 to consider the recommendations put forward. The papers to be considered by the committee will be made public beforehand on Tuesday 28 February 2023.