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It's a shame that it's the only potentially auditable pledge related to cycling in the document but as you say you'd hope that something tangible comes from it. I can't see any way of telling from the Net Zero Strategy if its 'new' money or just badging of schemes already underway or previously promised.
That's 400million per year? There are apparently 398 councils in the UK.
Evenly spread that's 1 million per council per year.
It won't result in much tangible, but is probably better than nothing?