Yes, Uber is cheaper - until it isn't, when it implements surge pricing. It's a very different model, which makes direct comparisons tricky.

The price of a London cab is regulated. Maybe that price is wrong. Uber can take advantage of it, but do you think the London taxi industry is really going to sit back and watch its market disappear without even trying to change price?

And the cab driver protests are more rooted in the fact that they had to spend a very long time learning 'The Knowledge' before being let out on the road, and that Uber has no such requirement. So, either it's necessary and they're letting Uber off the hook, or it isn't necessary and TfL has been lying to drivers.

So, I think it's more complex than just being "threatened by Uber".