Sussex wrote:
Mike, I would get your license (drivers) which should cost you (with medical, CRB check and licensing fee) between £100 and £150 first.
You will no-doubt have to do some sort of knowledge, which could cost you up to £200 through a school.
Once you have your drivers license, drive for someone else for a few months before you even think about spending your redundancy on a taxi plate.
For it could be worthless in a year or so's time.

Try it as a driver, you either love it or hate it. No-one chooses to be a taxi driver its what some people end up doing. I came into the trade because I was made redundant 25 years ago, I liked it and have been doing it ever since. Every year they say plates will be worthless, de-reg has been around the corner for 25 years. Its like buying a computer, its out of date in 3 months and worthless, but it still does the job. £25K in the bank will earn less than £25 a week, compare that to the returns on a plate.
Don't be put off by SAD gits who stick with PH licenses hoping for a free issue plate because they have not got the courage or conviction to invest in a real business. They are the whinning paratsites on the taxi trade.