The seemingly inexorable advance of the so-called gig economy hit a minor bump in the road this month when taxi-hailing company Uber lost its license to operate in London, one of its biggest markets.

Transport for London, the industry regulator in the British capital, said a number of negative factors, including Uber's failure to make adequate background checks on drivers, meant it was not a fit and proper company to hold a private vehicle hire license.

No doubt in the hope of resolving the spat with the regulator, Dara Khosrowshahi, the new CEO of the California-based company, opted for contrition. In an internal memo to employees, he acknowledged "there is a high cost to a bad reputation".