The latest black cab stats about private licensed taxis show that the pace at which the industry is growing has slowed. This could be a contributing factor as to why black cab fares in the London area have increased by 0.7% – with 9p added to the average fare.
The Department for Transport’s most recent report shares figures for the period from 2009 to 2013. It shows that the number of taxis and private hire vehicles has increased just 2% in this time period, compared to 18% in the previous four years.
They also reported that there are approximately 297,000 taxi or private hire vehicle drive licences currently in England and Wales which is about 2000 fewer than in 2011. This means that the industry isn’t growing at the rate it was, but there are still plenty of drivers on the roads. It could also be a sign that new drivers may want to take advantage of the lull in interest and make their move.
Becoming a self-employed taxi driver reaps many rewards; your time is your own and your earnings are your own too, after tax of course!
There are, however, other considerations to take into account, such as having the right taxi insurance and which company to work with, as well as your accounts. But all in all there are more pros than cons in the industry. The difficult passengers become more manageable with experience, and setting your own working hours is often a dream come true for those tired of the 9-5 daily grind.
Higher Fares for Taxis in London
Annually taxi fares increase across almost all regions and in the London area this change took place on 5th April. The increase of just 0.7% is the lowest the area has seen since Transport for London took over the responsibility of licensing taxis in 2000.
The Licensed Taxi Drivers Association have asserted their satisfaction with the rise and both bodies believe it represents value for money for passengers and drivers alike. Fares in London are known for being considerably more than other areas of the UK, but this comes with the territory; everything in the capital seems to be more expensive than elsewhere!