Drivers and operators have suffered massive increases in costs in recent years, including insurance and fuel, with many saying the current fare structure has forced them out of the industry.

Mr Honeyford said: “I recently wrote to the Permanent Secretary at the DfI calling on him to act now to rescue the taxi industry from financial dire straits.

“A DfI consultation on a revised fare structure was initially announced by then-Minister, Nichola Mallon, in September 2021. More than two years later, a decision has yet to be taken on the revision of taxi fares. The long-overdue review of the taxi tariff has led to drivers quitting the business, leaving many without access to transport.

 “In its reply to my letter, the Department said a decision was taken in June to defer the issue and revisit it in the autumn. A review is currently underway and the Permanent Secretary will then consider his decision.

“I hope to see a speedy resolution to the taxi fares saga in time for the Christmas season, when taxis are the lifeblood of the festive economy.”