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To be fair, they had boardman on who gave a very sensible breakdown of the petition , it was the govt guy they had on who was promoting that view.
Also, it's not just a cars vs cycling rule in Europe, you always give way to those of lesser power in this situation. Ie cyclists would have to give way to peds, just as cars would give way to both.
On the news this morning Aunty said it meant cars turning left would have to give way to bikes riding up the inside. It does not seem sensible to effectively promote riding up the inside of traffic generally, let alone a junctions.
However, I don't ride in London so not sure if the situation would be different for city riders.