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@rwn
I don't see where that gives them the power to regulate cycles.
Section 6 gives Greater London local authorities power to make "Orders similar to traffic regulation orders" but subsection (5) says "No order under this section shall contain any provision for regulating the speed of vehicles on roads."
Section 81 sets the limit for motor vehicles on "restricted roads" to 30mph. Section 84 governs "Speed limits on roads other than restricted roads" and restricts itself to motor vehicles. S86 governs additional limits for non-car motor vehicles.