The Institute of Directors has welcomed news that TfL will not be introducing a range of new regulations for London’s private hire operators, such as a minimum five-minute waiting time, which would have stifled competition.
Jimmy McLoughlin, Deputy Head of Policy at the IoD, said:
“We congratulate TfL for listening to the deluge of opposing voices and scrapping the anti-competitive proposals on waiting times, advance bookings and only allowing drivers to work for one company at a time. This was a test case for how the authorities react to new digital and ‘sharing economy’ technology. TfL has seen the light and is taking a largely sensible approach. We hope this will set a precedent for regulation which adapts to changing consumer preferences and encourages new businesses models.”