Economy

Uber faces stiff fee hike by London

Uber faces stiff fee hike by London”

Uber has previously said it backed the principle of large firms paying more.

The biggest minicab operators will be charged up to £2.9 million over five years, compared with £2,826 at present, as part of a new Transport for London (TfL) system aimed at regulating taxi and minicab companies based on the size of their operations.

The number of private hire drivers in London has nearly doubled to more than 116,000 from 65,000 in 2013/14, prompting TfL's decision to introduce higher fees for the bigger operators.

Transport for London said on Monday companies with more than 10,000 vehicles would pay £2.9mil (RM16.42mil) for a licence under a new multi-tiered system coming into force this week.

Following yesterday's announcement of the massive increase in London Private Hire licensing fees, the chauffeur industry has been reacting to TfL's announcement. The number of vehicles has increased from 50,000 to 88,000 over the same period.

"It is estimated that over the next five years enforcement costs alone will reach £30 million, up from a previous estimate of £4m", said TfL. The new licensing fee rates have the ability to devastate the London private hire taxi trade according to trade bodies.

The Licensed Private Hire Car Association has raised concerns that operators jobs are under threat, TfL has not published evidence to justify the increases and the fees are "disproportionate, random and irrational". The team plays a pivotal role in keeping Londoners safe. "To further support successful businesses, TfL has also included provision allowing operators in the largest three categories to pay fees in annual instalments".

However it appears that Taxify had sought to shortcut TfL's licensing process by acquiring an existing private hire vehicle (PHV) operator - an approach that clearly went down badly with the regulator. Close to half have 10 vehicles or fewer, with just five per cent of companies in charge of fleets of over 100 vehicles.

Safety of Londoners is TfL's top priority and the increased fees will help us fund additional compliance officers who do the crucial job of "cracking down on illegal and risky activity", Chapman added.



Like this

Latest


19 September 2017
Teva Pharmaceutical Industries Limited (TEVA)
The stock of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) earned "Market Perform" rating by Bernstein on Friday, August 4. T2 Biosystems, Inc. (NASDAQ:TTOO) trade at $4.58 by jumped up 1.26% in most recent trading session with share volume of 246794.

19 September 2017
Manchester United and Jose Mourinho Could Lose Star Midfielder For Free
Several clubs in Turkey and Italy are believed to be interested in a free transfer, with Gala set to launch another bid. The Red Devils take on Burton tomorrow before a trip to Southampton on Saturday and CSKA Moscow on September 27.

19 September 2017
Delphi Automotive plc Ordinary (DLPH) Trades at New 52-Week High
On average, equities analysts expect that Delphi Automotive PLC will post $6.69 earnings per share for the current fiscal year. It has outperformed by 13.73% the S&P500.The move comes after 8 months positive chart setup for the $26.68 billion company.

19 September 2017
NetApp, Inc. (NTAP) Upgraded to Buy by UBS AG
With 10,800 avg volume, 0 days are for VERIFY SMART CORPORATION (OTCMKTS:VSMR)'s short sellers to cover VSMR's short positions. Delta Lloyd Nv reported 22,171 shares. 1492 Capital Management Llc, a Wisconsin-based fund reported 41,785 shares.

19 September 2017
San Diego restaurant celebrates Chargers losses with free tacos
And judging by the team's 0-2 start, there may be plenty of opportunities for the team's former fans in San Diego to cash in. Lopez said customers have to say the secret phrase to the cashier - Spanos Taco - in honor of Chargers owner Dean Spanos .

19 September 2017
Analyst Research Roundup: Bob Evans Farms, Inc. (BOBE), AnaptysBio, Inc. (ANAB)
Currently, the stock carries a price to earnings ratio of 0, a price to book ratio of 5.95, and a price to sales ratio of 49.93. Its up 0.10, from 0.99 in 2016Q3. 385.64 million shares or 1.20% less from 390.31 million shares in 2016Q3 were reported.

19 September 2017
The doctors told the consequences of high blood pressure in adolescents
Urbina, M.D., M.S., study author and director of preventive cardiology at Cincinnati Children's Hospital Medical Center in Ohio. High blood pressure in teenagers is defined on the basis of percentiles, rather than blood pressure level as in adults.

19 September 2017
Marvell Technology Group Ltd. (MRVL) Major Shareholder Sells $17730000.00 in Stock
Traders are feeling more bullish on shares of Marvell Technology Group Ltd . of late if you look at the fall in short interest. First Trust Advisors LP increased its holdings in shares of Marvell Technology Group by 136.8% during the first quarter.

19 September 2017
Thompson Siegel & Walmsley Cut Wyndham Worldwide (WYN) Holding; Marietta Investment Partners Boosted
Smithfield Trust Co. bought a new stake in shares of Wyndham Worldwide Corp during the 2nd quarter valued at about $170,000. The stock of Wyndham Worldwide Corporation (NYSE:WYN) has "Buy" rating given on Friday, December 11 by Stifel Nicolaus.

19 September 2017
Monster Hunter World release date confirmed for January 26th 2018
Pre-orders for the limited edition PS4 Pro console, and the game, will begin tomorrow in Japan. Today Capcom has announced the official release date for the game, which is January 26.



Recommended