It appears the 'no cycling' signs on the South Bank will be removed, according to LCC.
Lambeth Council reportedly said:
we have decided to replace the 'No Cycling' signs with the following: 'Pedestrian Priority. Considerate Cycling Welcomed'
This is likely a step forward, because it legitimises the previous arrangement where cycling was legal but due to the absence of signs and pedestrians' ignorance of the law, conflict could arise between cyclists and pedestrians who thought they shouldn't be cycling. Hat-tip to everyone who lobbied for the change, and to Lambeth for taking an enightened view (albeit belatedly).