http://www.guardian.co.uk/environment/bike-blog/2010/dec/13/regulating-cyclists
Regarding the "yes, but I'd like to see the police actually doing something about dangerous cyclists" comments, I think I might have seen an actual police actually taking an action against a pair of rule-breaking cyclists on Sunday evening. I was driving west through the lights round the corner at Granton where the rail path network emerges. The light was green for me, so I assume it had been red for the two cyclists heading round the corner from the east, which is possibly why they were on the pavement (they were fully-illuminated and looked road-confident). An unmarked police with a rotating blue flasher on the roof was just pulling up alongside them, whooping from its siren. I suppose it's possible that it either knew them and was saying hello or that they'd reported something and it was liaising with them but it'd be nice to think the odd pavement-cyclist gets caught and suitably dealt with.