London taxi drivers set for 7.61% fares increase in April 2023

London taxi drivers are likely to be handed a fares increase of 7.61% in April as final recommendations are put forward to the Transport for London (TfL) Finance Committee next week.

If given the green light, the fares will rise across Tariff’s 1, 2 and 3 in late April 2023. TfL’s Finance Committee are set to meet on Wednesday 8 March to consider the recommendations put forward.

The tariff review is also likely to increase some of the fixed-fares for shared-taxis that operate during the Wimbledon Tennis Championships and amending one of the authorised places where the fixed-fare, shared-taxi scheme operates from during the Championships.

The report states all the taxi trade associations (London Cab Drivers Club, Licensed Taxi Drivers’ Association, RMT, United Cabbies Group and Unite the Union) submitted a joint response in support for a 11.64% increase, emphasising the need to increase tariffs to maintain driver earnings in the face of rising costs and provide continuity of supply by ensuring driving remained viable.

All driver representatives also supported Tariffs 3 and 4 being increased after being frozen for several years.

According to the report: “They (taxi trade associations) strongly support Tariff 3 being increased and in their additional submission they outlined how Tariff 3 has been frozen for a number of years, that if it was frozen again this year it would cause a proportion of taxi drivers who work at night to change to working days, and that it would be grossly unfair to night-time taxi drivers to freeze Tariff 3 again.”