London To Initiate City Centre Bike Share Program

London mayor announces major cycling scheme
By Jeremy Lovell

LONDON, Feb 11 (Reuters) - London will adopt a bicycle hire scheme similar to a popular initiative in Paris under a $1 billion cycling investment package announced by the mayor on Monday.

Under the plan, part of a series of environmental measures due in coming days, 6,000 bicycles will be available for hire from ranks every 300 metres (600 feet) throughout the city centre.

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Unlike the Paris Velib plan London's money will come from the Congestion Charge Revenue and the city budget but the city may put ads on the bicycles themselves. The estimated cost for the program is about $150 Million.