Bikes will be available for hire every 300m in central London

Up to 6,000 bikes will be available for hire from a number of designated spots across central London.

Over the next decade, there will also be twelve new cycling "corridors" and bike zones created for commuters, schoolchildren and shoppers.

London mayor, Ken Livingstone said he hoped that by 2025, 5% of all journeys in London would be made on cycles.

A feasibility study for London was carried out last year after Mr Livingstone heard of a similar scheme in Paris.

'Revolutionise' lifestyles

Bike hire points are to be situated every 300m across central London and Tube and railway stations will have cycle parking facilities.

Mr Livingstone said: "We will spend �500m over the next decade on cycling - the biggest investment in cycling in London's history which mean that thousands more Londoners can cycle in confidence on routes."

The mayor added that the bright red coloured bikes will not be "high fashion" to prevent them from being stolen.

Green Party London Assembly member, Jenny Jones, described the plans as "ambitious".

She said: "They are exactly what we need to persuade large numbers of Londoners out of their cars.

"We have been pushing this idea for the past eight years."