London is about to receive a £500 million investment towards improving cycling in the city. The scheme will include 6000 hire bikes. These will be available from docking stations where users of the scheme can unlock them, use them and then place them in another docking station when they are finished. This is similar to the Velib scheme in Paris shown below.
The scheme will also include 12 new cycling routes as well as clearly marked bike zones linking parks, waterways and key destination around the city. The aim is 5% of all journeys in London being made by bike by 2025. Personally I think that 5% in 17 years is pretty unambitious and that it will take a hell of a lot more than £500m to change the way Londoners travel. However I have seen the system in Paris and it was very popular so it may take off (assuming Londoners don't steal or vandalise all of the bikes).