Ride-sharing firm Uber will see its licensing costs in London rise from £3,000 to £3 million during the next five years, reports the Evening Standard. Transport for London announced yesterday that it is changing fees for operating licences based on the size of a company’s operations in order to meet the rising costs of regulation. Helen Chapman, TfL general manager of Taxi & Private Hire, said, “There has been a huge growth in the industry in recent years and it is only fair that the licence fee reflects the costs of regulation and enforcement.” Charges on a five-year licence will range from approximately £2,000 for operators with 10 cars or less, up to £2.9 million for those with more than 10,000 vehicles. Uber has approximately 40,000 drivers in London and will have its licence renewed at the end of the month.