Steve McNamara, general secretary of the London Taxi Drivers Association, estimated that revenue from fares had decreased 40% since the Olympics started on Friday.

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Since London taxi drivers are navigators par excellence, Dr Maguire and her colleagues decided to examine their hippocampi to see if they differed from those of ordinary Londoners who do not necessarily know the best way to get to Bermondsey by way of Bethnal Green.

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Tony, a tough little Cockney from London's East End, wanted to be a jockey and didn't make it, but he managed to pass The Knowledge, the formidably difficult test for London taxi drivers, then buy his own taxi and earn a good living for himself and his family.

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"This is not a step we take lightly, but we cannot take any chances with the lives of London's taxi drivers or their passengers, " the TfL spokesman said.

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London's taxi drivers and wine merchants are already affected.

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The administrators said they will continue to work with the London Mayor, Transport for London, and the Licensed Taxi Drivers' Association.

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But Steve McNamara, general secretary of the Licensed Taxi Drivers' Association - representing London cabbies - complained of "chaos" on London's roads as a result of 30 miles of Games Lanes for the use of the Olympic family.

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Knapp can see a time not so far in the future when even taxi drivers will take plastic, as they do in London, punching them into meters that double as a card-reading machines.

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