27th June 2016

What does Brexit mean for the British taxi industry?

The dust still hasn’t quite settled on last week’s historic in/out referendum on the EU, but we want to try our best to look at what a Leave vote means for the future of taxi drivers and the industry.

Short-term economic effects

As the result was announced, knee-jerk reactions from global markets caused the pound to drastically fall in value. It’s still too early to predict how and when the pound will recover, but in the meantime, we could see general living costs going up a bit. This could make living off smaller fares a bit more difficult and it may even be necessary to consider moderate increases to fares in future.

Of course, this was to be expected to a degree, as international investors will want to stay cautious and play it safe in the face of the present uncertainty. However, as the UK’s trade continues and the economy gets back on its feet, the pound’s value can gradually climb back up; hopefully even becoming stronger than ever.

The immigration debate

For some, the largest concerns of the debate revolved around levels of migration. While the government has already had greater control over migrants from the rest of the world, Europeans have benefitted from looser restrictions in the EU’s freedom of movement. With this freedom removed, migration can be controlled better to differentiate the honest contributors from non-workers.

It’s no secret that many taxi drivers across the UK already come from a diverse range of backgrounds, and there may be some concern among those workers over what happens next. But remember that with Brexit in place, the doors won’t exactly be slammed shut. Instead, it’s like the bouncers on the doors will have better control in checking that migrants really are devoted to contributing, therefore protecting not only workers, but the industry as a whole.

So, what happens next?

As it currently stands, the government and the opposition are falling about themselves, with so many new developments every minute that it’s hard to keep up. One thing we can be sure of though is that, love it or hate it, a decision has been made and now we all need to look ahead to the future together.

In recent days, tensions have been high among opposing voters across all walks of life. Especially considering the nature of taxi work, it’s likely that you’ll pick up a few fares from people who voted differently to you. The important thing is to try and prevent any personal feelings overtaking the professional service you provide.

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