You have to remember that the stringent regulation is intentional so that the supply of black cabs is limited and can result in higher prices. The same exists across the world, some less implicitly.
Restrict supply (as close to arbitrarily as you can get) -> higher prices. Its what you get in a monopoly (if you can justify it, all the better). This is most famous in New York, where they aren't ashamed to admit it.
As far as I understood it when I was driving them, the strict regulation was to make sure that every driver and/or fleet owner, was complying with the rules as laid down by Parliament, and overseen by TFL, and the Metropolitan Police.
What you have implied sounds like the other old chestnut, that the Public Carriage Office would hold applicants back, rather than “flood” the streets with drivers, utter poppycock, if you could satisfy the Examiners that you knew your way around London, and was “of good character”, you earned your badge, and got it.
As for taxis being famously restricted in New York, I don’t know what you’re smoking, but if you came out of the subway at 34th and Penn, you could walk all the way up 8th Ave to the New York Times building, on the block between W 40th and W 41st, on the roofs of yellow cabs.
Black cabs... Obey the law... Hahahahahaha
@Jean-F so you deny tiered metering in black cabs?
If by tiered metering you mean Rates 1, 2, and 3, which are, Rate 1, from 05.00 - 20.00, Mon - Fri, Rate 2, 20.00 - 22.00, Mon - Fri, and Sat and Sun 05.00 - 22.00, and Rate 3, every night 22.00 - 05.00, and Public Holidays, then no, I can hardly deny that, it’s on the fare chart on the r/o/s door of every Black Cab, but if you think of that as “surge pricing”, then you’re living in Fairyland, these are the rates agreed in discussion with TFL for working unsocial hours, they’re not charged at certain times when the streets get busy, those are the rates that are charged, unchanged, every day.