Uber Loses London Operating Licence After Shock Ruling By TfL
Uber has lost its operating licence in London after a shock ruling by the capital’s transport body.
The ride hailing app will no longer be able to offer services in their current form within the M25, despite the firm claiming 3.5 million Londoners use its app each week.
Transport for London (TfL) announced its decision on Frid.
As many as 40,000 Uber drivers will potentially now be forced off the city’s streets.
Uber is the subject of fierce opposition from the GMB trade union and the Licensed Taxi Drivers’ Association.
The decision will stun the global taxi tech firm which is still reeling from a series of PR blunders, allegations of sexism, and the departure of its embattled chief executive.
This is a pretty big blow to Uber. It will be interesting to see how shares react to this news.