Taxi companies are seeking some financial help from the City of London.

Hard hit by the COVID-19 pandemic, local taxi drivers are seeking financial relief from the City of London to stay on the road.

The president of Yellow London Taxi is asking council to either reduce or suspend the $750 plate renewal fee paid to city hall each year.

The pandemic has hammered the bottom line for taxi drivers who were already facing competition from Uber and skyrocketing insurance rates.

At the peak of the pandemic only 40 of Yellow London Taxi’s 140 cabs were operating. Even now the company operates at half capacity.

The request to reduce or suspend the renewal fee will be heard next Wednesday.

“Any adjustment in the rules and fees can be an element of help. It would be help so that drivers can reorganize themselves and deal with the pandemic,” says Yellow London Taxi’s Hassan Savehilaghi.