It looks like Uber’s business model has just become illegal in the UK:

Uber has lost its latest court bid to stop its British drivers being classified as workers, entitling them to rights such as the minimum wage, in a decision which jeopardizes the taxi app’s business model.

Two drivers successfully argued at a tribunal in 2016 that the Silicon Valley firm exerted significant control over them to provide an on-demand service, and that they should cease to be considered as self-employed, which gives few protections in law.

An employment appeal tribunal upheld that decision last year, prompting Uber to go to the Court of Appeal. On Wednesday, a majority of judges there said they agreed with the previous verdicts and rejected Uber’s arguments.

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Uber said it would appeal the verdict, meaning the legal process will continue.

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In Britain, the self-employed are entitled to only basic protections such as health and safety, but workers receive the minimum wage, paid holidays and rest breaks. Uber has introduced a number of benefits for drivers this year.

Uber’s business model is predicated on abusing its workers and evading regulations.

It’s really nice to see the noose tightening.

I just hope that the bubble bursts before the IPO, so that the early funders lose their shirts.