According to the announcement in OP, the 5% commission is paid by the driver, the rider still pays the exact same regulated fare right. At least that's how I read it, I think that's what "commission" usually means.

which is much more expensive than UberX. Black cabs in London are just ripoff. I love Uber and I hope it will continue to disrupt it with UberX and low prices, not support Black Cabs.

The training given to London cab drivers makes this especially ironic - UberTAXI should appear above UberX in their service list. It's a more premium service.

It takes an average London cabbie 34 months of preparation and 12 attempts to pass the test to get their license:

http://en.wikipedia.org/wiki/Taxicabs_of_the_United_Kingdom#...

There was a shortcut on a route that I used to regularly take in London, so i'd tell them "Don't go to the lights, just turn down here". I think I had fare meters stopped out of appreciation on 3 occasions after sharing that tip. Showing a London cabbie a new shortcut totally blows their minds.