The taxi business in Oxford is clearly a very lucrative one.

So much so that black cab licences are said to be changing hands at up to £70,000 each.

With such huge figures, it is hardly surprising that cabbies are reluctant to see any changes in the way the city council controls their trade.

They fear that if the number of licences is increased, their little nest egg or pension will go up in smoke.

Another worry for them and their drivers is that with more taxis on the streets, business will be harder to come by and income will drop.

But the real test should be whether such changes are in the public interest.

A council group which has been investigating whether the rules need to be relaxed, says in an initial report that more taxis would benefit passengers and reduce waiting times.

But it accepts that there could be an effect on drivers' working conditions.

The group plans to continue its studies and report to the council in due course.

What is clear so far is that it is unhealthy for so much financial clout to be in the hands of a select few.

Taxi owners and their staff deserve a fair deal - but so, too, do the passengers who pay their wages and keep them in business.