As it stands, the deal to turn London’s fleet of cycle hire bikes red as Santander takes over sponsorship looks like a good one; although it is disappointing that the Mayor did not see fit to extend the scheme to Croydon where I am sure it would have been warmly welcomed.

After Barclays bailed on the previous sponsorship agreement, reaping the publicity, but paying nowhere near the £50m it had promised, it is good to see the Mayor could finally be getting some value for money.

While money is important, this sponsorship deal should not just be about the bottom line, it should be about finding a partner who will take an active role in promoting and championing cycling in London.

I very much hope that is what Santander plans to do.

FIONA TWYCROSS

Londonwide Labour Assembly member