What does a Mars bar cost over there these days? I seem to remember pointing out nearly 30 years ago that funding for cycling in the UK was funded to the tune of about one Mars bar per person per year, and it doesn't sound like much progress has been made.
If this is an improvement on the level of funding that the Tories were providing that's a good thing, but they're still not being serious about cycling at that rate of funding.
More here, with outdated figures. To match such expenditure the UK needed already to be spending 2 billion per year 14 years ago:
http://www.aviewfromthecyclepath.com/2010/05/487-million-euros-for-cycling.html