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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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Software & services

Uber calls on former BoE advisor to become UK chair as it fights to keep London licence

Last month Transport for London decided Uber was not "fit and proper to hold a private hire operator licence"

The world's most valuable taxi-hailing app and probably the most controversial has hired former Bank of England adviser Laurel Powers-Freeling as the new chair of its UK operations as it bids to keep operating in London.

Last month TfL (Transport for London) decided Uber was not "fit and proper to hold a private hire operator licence" and accused it of a “lack of corporate responsibility".

READ: Uber launches appeal against TfL's refusal to renew ride-hailing firm's London licence

Uber, which counts London and the UK among its most important markets, is appealing the decision.

Uber’s licence expired on September 30, but Uber’s cars will remain available in London until the legal process is over.

A first hearing is likely to happen on December 11 but reportedly, the process could take several months and "perhaps longer", during which time Uber would be allowed to continue operating.

The ride-hailing firm serves more than 50,000 licensed drivers and almost 5mln customers across the UK.

Powers-Freeling is currently the chair of Sumitomo Mitsui Banking Corporation Europe and a senior independent director of Atom Bank.

She has also held senior roles at insurer Prudential (LON:PRU) and with US bank Morgan Stanley (NYSE:MS).

READ: Uber hit by another senior executive departure

“This is an exciting time to be joining Uber as its first non-executive chair in the UK,” said Powers-Freeling

“Uber is transforming how people get around and as a business it is also undergoing an important period of change.

"I look forward to working with the UK business to help them manage and implement that change.”

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