REACTION: How will the predicted AUTUMN RECESSION impact the taxi industry?

In most areas around the UK the taxi industry has bounced back strongly since the remaining coronavirus restrictions were dropped. A mixture of pent-up demand and a lower supply in the number of taxis available have kept work levels high throughout 2022... so far.

Since Spring this year, households have seen energy prices jump 54 percent. The Bank of England were anticipating further increases up to 40 percent this Autumn, taking the average domestic energy bill through the £2,800 a year barrier. However, earlier this month the Government announced energy bills would be capped at £2,500 from 1 October 2022 for the next two winters for a typical household.

TaxiPoint asked cabbies how the predicted autumn recession will affect the taxi industry given that the trade usually closely follows the level of spending in the economy.

It was a defiant response from the taxi industry, with the majority undeterred by the economic instability ahead.

Mark Childs from Bury St Edmonds said: “The trade will be protected by a diminishing number of drivers. Operators and drivers can protect themselves by doing their utmost to avoid idiots and time wasters.”

Gerard Walters, a cabbie from Lincolnshire, said: “The taxi trade for years has dealt with ‘boom and bust’. You end up working longer and harder. What you need to remember is when you’re busy put some away for when it’s bad.”

John Minshall from Staffordshire said: “Local work for taxis for nights out will probably continue to show decline, but most other reasons for bookings I’d expect to continue. Guess it’ll depend on your mix of work ethic, marketing/advertising and type of work done.

“Prices and costs will always play a part, too... important to get that right, in respect of the area (of country) you’re in and the surrounding levels of competition.”

Stephen Beese said: “Been through this so many times in the last 40 years and guess what am still here it's the best guaranteed public transport customers can get.”

Matthew Ronaldson, a taxi driver from Dalkeith, said work levels will be the “same as is now”.

Jason Croad said: “The top restaurants will always be full.”

London cabbie Leigh Martin said: “After the last 2 Christmas’ I think everyone who can, will be out celebrating. On way home from London now. Theatre and restaurants very busy.”

Maddyy Ahmed, Manager of PJ Cars, simply said: “Nothing will happen.”

Lawrence Williams confidently said: “Don’t panic Mr Mannering! We’ll smash it, world’s premiere taxi service.”