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Taxi hire hike is fare'

PUBLISHED: 17:22 01 April 2010 | UPDATED: 11:32 12 August 2010

TAXI fares are set to increase in London by 2.3 per cent so drivers can meet higher running costs.

TAXI fares are set to increase in London by 2.3 per cent so drivers can meet higher running costs.

The rise, the lowest since 2004, was approved by Transport for London, which calculate and review fares annually.

It will include a 1.9 per cent increase based on the 2010 cost index, which takes into account the rise in average national earnings and an increase in insurance rates which have risen 19.5 per cent on last year.

The rise will also include a one-off 0.4 per rise to remedy a calculation error from 2007 which the taxi trade chose not to introduce last year due to the recession.

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