Taxi and minicab turnover has fallen for the first time in five years according to a report out from account Moore Stephens.
Analysis of the UK's biggest taxi and minicab firms noted that turnover had dropped 3% from £495m in 2014/15 to £479m in 2015/16. Before that there had been good constant growth, despite Uber's arrival since 2011/12.
Moore Stephens attributes the 3% drop to Uber's growth in new UK cities. However, TaxiPoint would add other variables such as a stagnated economy, uncertain political arena, traffic congestion and a drop in tourism to the possible reasons.
Source: City AM