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in this scenario there was no warning
Well, there is signage that you should have seen and observed. It really is very clear in this case. I mean, I agree that the fine is well excessive, but as I said, you don't have a leg to stand on, unfortunately. You could, of course, write to the highway authority and/or Sustrans with your very legitimate concern that this either shouldn't be designated a cycle route or that they should review the street layout and the timed ban on this short stretch. I don't think that would prompt any quick change, though.
I can understand the ban on cycling in terms of scroats racing bmxs past prams and the elderly, however in this scenario there was no warning, just an £80 fine immediately for cycling at walking pace. No let off at all, mostly due to the people who give out the fines making £45 off each one.
Considering my mate and I are only from Cambridge and haven’t ever been to Peterborough before I’m sure af not going back any time soon. Don’t know how they can justify a days’ wage in a fine for something so petty.