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Taxi Fares To Rise 5% For Olympics - After TfL Refject 22% Increase

Thursday 2nd February 2012

Transport for London has rejected a proposal to increase black cab fares by 22% during the Olympics.

taxi protestHowever, board memebrs have approved a taxi fare increase of 5.3% for the coming year as well as a 20 pence increase to the £2.20 minimum fare.

Mayor of London, Boris Johnson, had previously described the proposal as a 'major own goal' for taxi drivers.

But cabbies insist that their request is no different to the £1,000 bonuses train and tube drivers are likely to get during the summer Games.

John Mason, Director of Taxi and Private Hire at TfL, said: "The annual taxi fare revision considers a large number of factors that make up taxi drivers’ running costs, including vehicle costs, parts, fuel and insurance.  Each year we strive hard to balance affordability with the increasing costs taxi drivers face in providing a unique and world renowned service to the capital.

"The Mayor and TfL are convinced that the world famous knowledge that taxi drivers worked so hard to earn will play a key role this summer in transporting Games spectators and visitors around the capital.  This increase will allow them to continue to do so while providing value for money to passengers."

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