Londoners can expect a trip around the city to become more expensive as taxi fares are set to rise by 5.5%.

The rise comes in a bid to stop cabbies from quitting and marks the first increase in taxi fares for more than two years after the annual rise was abandoned due to the pandemic in 2020. 

Transport for London approved the increase amid concerns of the declining amount of the iconic black cab in the capital. 

The new fares will come into effect from April 30 where the minimum cab fare will rise from £3.20 to £3.80, plus the meter will tick faster. 

East London and West Essex Guardian Series: Prices will increase by 5.5% (Canva)Prices will increase by 5.5% (Canva)

Taxi fares increase follows the 4.8% increase in Tube and bus fares as well the 3.8% rise of the cost of a National Rail ticket.

According to TfL, in recent years there has been a 25% fall in the number of taxis across the capital. 

The pandemic had a huge impact on the service, seeing a 95% in use, due to the absence of tourists and commuters. 

Plus, many drivers quit the taxi service after being unable to work and claim of a lack of Government support. 

Taxi services are essential during most parts of the day but especially in the evenings for the safety of many and the lack of the Night Tube. 

This is why the rise of 5.5% will only take place between 5am and 10pm, the nightly charge will stay frozen.