Uber’s strategy was always to dominate the London market by undercutting competitors, such as black cabs, Addison Lee and smaller local operators. Its overheads were low, as it was
not paying VAT in the UK, and did not have a call centre. Backers including Goldman Sachs, BlackRock and other multibillion-dollar companies were happy for it to lose money in the short term, knowing that once it had crushed the competition it would be able to jack up its prices. After all, where else could customers turn?