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It's temporary but lots of temporary things can hang around for a long time (eg VAT allegedly).
There are some more details at https://tfl.gov.uk/travel-information/improvements-and-projects/streetspace-for-london including a map with Streetspace cycle routes in purple at http://content.tfl.gov.uk/emerging-streetspace-for-london-plan-for-cycle-routes.pdf (eg Finchley Road)
Article doesn't make it clear (to me) if this is a long term plan or a temporary initiative to get people riding/walking to work in the short term. Would be phenomenal to think this could be the future in London.
Hearing Shapps encourage people to cycle, walk or drive to work made me want to puke