Apparently the last government has been running a ridiculous scheme, giving tax breaks to people cycling to work, and now in the present austerity it's facing the chop. In common with other Brownite tax schemes, it would not be necessary in the first place, if the government hadn't already stolen so much of our money. It also serves another of their false gods by creating needless bureaucracy.
The article includes a quote from a biking org, along the lines that the scheme should be reformed rather than axed, and calling for tighter application of rules, with inspectors scurrying around, checking cyclists are using their subsidised bikes for work and not just leisure.
Libertarian Liberal position: Axe the scheme, and axe the tax that subsidises it. Cut out the government middleman between you and your own money.