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Uber Raises Rates in London by 10%

Uber is hoping to attract more drivers to reduce wait times by increasing rates in the city.
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Uber  (UBER) - Get Free Report, seeking to attract more drivers to its service, is raising prices in London by 10% starting Thursday, marking the largest price increase in the city since 2017. 

The company says that passenger demand has spiked 20% in the U.K. since the country ended its lockdown over the summer. It estimated it needs to hire 20,000 extra drivers across the country in order to meet demand. 

“We’re making these changes to help provide a better rider experience, by signing up more drivers to meet the growing demand,” an Uber spokesperson said, according to CNBC. 

"We know people rely on Uber to book a safe trip around London and this small fare increase will help reduce wait times. As always riders will get a fare estimate before booking their journey.”

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Uber will also increase the price of an airport journey during peak hours by 25%. 

In February, Britain's highest court ruled that Uber must treat its U.K. drivers as workers, not contractors, and pay them minimum wages and benefits.

The U.K. Supreme Court's ruling was the culmination on a years long battle over the status of Uber workers' employment status. 

The Supreme Court decision capped a four-year battle between the San Francisco-based tech group and Transport for London, a government body that oversees activity in the British capital. That followed a case brought by two drives who claimed to be "workers," a unique legal status in the U.K., rather than independent contractors. 

Shares of Uber were down 1.72% to $42.63 at last check in afternoon trading Thursday.