Mobile ride-sharing taxi aggregator Uber has reported massive losses in the UK to the tune of US$1.2 billion in the first six months of this year. In spite of the losses, nearly 70 percent of Brits are preferring the ride-sharing facility.
Since its launch back in 2009, it has hit headlines globally for challenging the traditional taxi businesses, offering a cheaper and flexible model for customers and freelance drivers.
In a survey conducted with 1,000 people, found that 70 percent of Brits are actively using the sharing economy businesses in their daily lives mainly to save money or to have more personal control over accessing services.
In the UK sharing economy is bound to grow when compared to other countries. In a study for the European Commission, it has been found that the UK is a hub for sharing economy. The sharing economy has grown the fastest in Europe, with transactions almost doubling to US$8.7 billion in 2015.