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Is there any similarity between the medallion system predominant in US cities, in which taxicab licenses once (and seldom) issued are forever sold on the open market, with a large secondary (and rather deregulated) lending business surrounding them? (This resulted in a boom-bust cycle of medallion prices in the past two decades.)

If not similar to the medallion system, how exactly are London cabs licensed? (Interestingly, Australia seems to use the same system as the US [and with similar results], but I can't find much info about the UK in this regard.)

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    The main barrier to entry is the requirement that the driver pass a formidable test. – Patricia Shanahan Oct 25 at 4:02
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The EU has a comparative document of taxi licensing across the union.

Basically the UK has non-transferable taxi licenses, so that's we don't hear about insane "medallion" price over there. Also there are no quantitative restrictions on the supply of taxi licenses in the UK, perhaps with the exception of London, according to that EU document, although looking at a London-specific page, the quantitative restrictions were temporary.

It has been suggested that there is a limit on the number of taxi drivers in London, which is incorrect. Previously, we suspended applications for suburban (yellow badge) drivers in three of the nine suburban taxi areas in London because we were conducting a review of suburban taxi services for the suburban action plan 2015. This was at the request of the taxi trade itself. During this period, applicants still had the option to apply for any of the other six suburban sectors as well as the All London knowledge. Now the review is complete we are accepting applications for these three sectors again.

(In 2019 Glasgow seems to have decided to limit their supply of taxi licenses.)

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