Cycling Craze Sweeps London’s Financial District, FT Reports

A wave of enthusiasm for cycling is sweeping through London’s financial district as people swap Porsches for Pinarellos, the Financial Times reported.

Bike shops are springing up around the capital and cycling trips have increased by 81 percent since 2000, the newspaper said, citing data from Transport for London. Big institutions are responding by providing more bike storage. HSBC Holdings Plc last year doubled cycle-rack capacity at its Canary Wharf headquarters to 400, the Financial Times said.

A top-flight bike from makers such as Parlee of the U.S. or Italy’s Pinarello can cost more than $10,000, the newspaper said.

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