The Corporation said a trial to allow taxis may begin in Spring 2025, but approval from Transport for London was required first.
The recent review stated that the restrictions had reduced casualties to 'virtually nil', with only one collision in the 11 months up to November 2023.
Chairman Shravan Joshi highlighted that introducing taxis may enhance transportation for those who cannot use active travel modes.
Chairman of the Licensed Taxi Drivers' Association, Paul Brennan, commented on the decision, stating 'common sense has prevailed.'
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