Taxpayers will pay at least £67.8m to fund London’s Cycle Hire scheme, almost £18m more than the maximum contribution from sponsors Barclays bank. Although Transport for London has adopted a policy of not publicising non-Barclays funding sources, figures provided by Mayor Boris Johnson show that Londoners are funding the greatest share of the scheme’s set-up […]
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London’s cycle hire scheme expands eastwards
London’s cycle hire scheme expands eastwards today, thanks in part to £2m of funding from Tower Hamlets council. The bikes will now be available across the entire borough, as well in north Shoreditch. At £40m, the extension’s construction costs account for 80% of the maximum £50m Transport for London will receive under its secretive eight-year […]
Beneath the headlines, who really funds London’s Cycle Hire scheme?
Boris Bikes, Barclays Bikes and, perhaps pejoratively, Banker Bikes. London’s cycle hire scheme has a variety of names based on the perception of where the funding comes from and who most benefits from the bikes. The Mayor hugs the scheme tight, squeezing every last drop of personal credit he can from it while Transport for […]
Cycle Hire sign-up rate falls to just 800 in December
The number of new cycle hire members fell every month between April and December 2011, according to official Transport for London and City Hall figures. In April 2011, 4,105 new members joined the scheme but by December just 800 new cyclists signed-up. During the same period the number of cycle hires by casual users remained […]
Boris hails cycle hire scheme as internal report warns of rising dissatisfaction
Boris Johnson and TfL have welcomed research suggesting 80% of Cycle Hire members think the scheme “makes a positive contribution to London” A survey of scheme users also finds 4% have purchased a bike as a result of the scheme. Mayor Johnson welcomed the fact that “more than nine million journeys have now been made […]
