Here’s the kicker: most drivers are self-employed. They don’t get sick pay, holiday pay, or a pension. If Dave wants a week off, he earns exactly zero pounds that week.
On top of that, they pay a massive “float” fee to rent the taxi—often £350 to £500 per week. Yes, you heard that right. They pay to work. Before they’ve picked up a single passenger, they’re already in the red by hundreds of pounds.
And let’s not ignore the fuel costs. A black cab (like the iconic TX4) drinks diesel like a thirsty sailor. With petrol prices being what they are, a driver can spend £80–£100 a day just to keep the engine running. Ouch.
The Knowledge: A Gold Mine or a Money Pit?
You can’t be a black cab driver without passing The Knowledge—that insane test where you memorize 25,000 streets and 20,000 landmarks. It takes about 3-4 years of studying on a moped, rain or shine.
During those years, you earn nothing. You’re paying for maps, study courses, and exam fees out of your own pocket. One driver told me he spent over £15,000 just to qualify. So when you finally get the badge, you’re already in debt.
London’s Black Cabs Can Soon Join Uber. But Will They? - The New York Times
But here’s the irony: after all that sacrifice, you’re competing with Uber drivers who memorized nothing. The streets are brutal for black cabs today. Tourists love the classic look, but locals? They often grab an app car that’s £5 cheaper.
