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Cabbies say price rise is a fare deal

PUBLISHED: 12:27 01 April 2010 | UPDATED: 17:47 25 August 2010

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

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

This rise, which is the lowest since 2004, was approved by Transport for London, which calculates and reviews 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 cent rise to remedy a calculation error from 2007, which the taxi trade chose not to introduce in 2009 due to the economic downturn.

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