Uber Bumps Up Base Fares In London To Bring Back Drivers

  • Uber Technologies UBER bumped up base fares in London by 10% to attract more drivers, Bloomberg reports.
  • Customers traveling from Heathrow, Gatwick, Luton, and Stansted airports will face an additional 15% hike in fares at peak times. 
  • Uber requires 20,000 more drivers to return to normal service levels.
  • Some drivers switched from Uber to rapidly growing delivery businesses or rivals as the pandemic restricted the travel demand. 
  • Uber had to offer drivers more benefits after the U.K. Supreme Court ruled the firm should recognize a group of them as “workers.”
  • Customers rebuked the ride-hailing provider on social media against longer waiting times and higher fares during peak hours as more workers opted to avoid public transit during the pandemic. 
  • Price Action: UBER shares traded higher by 0.78% at $43.72 in the premarket session on the last check Thursday.
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