This paper reviews the effects of the 1985 Transport Act in the Taxi Industry, drawing on the results of surveys of local authorities in 1988, 1989 and 1991. Overall, we find that the Transport Act has had limited success in achieving its objectives. In restricted markets, a substantial and increasing licence premium is enjoyed by licence holders. In deregulated districts, we see generally lower standards of quality enforcement and severe shortages of rank capacity. We think the use of passenger working time as the sole intention for determining regulatory policy is likely to perpetuate these problems, and thus a review of regulation is required so that a better compromise between competing objectives can be achieved
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