Just so people are aware, there was a cyclist killed on monday just around the corner, it has been suggested that such a collision could have been avoided if cyclists are allowed to cycle down here. The reason being the other road is a busy 4 lane one way street that takes a lot of traffic, and cyclists jockeying for position is not easy.
The problem with this bus lane is that it is in a contra-flow, so either road user (bus or cyclist) must pass the other by going into the lane that has opposing traffic coming the other way. Now with this being a busy road, that is quite often. All it takes is one non-clued up cyclist to follow someone that knows what they are doing and there could be a nasty collision.
What should happen here is the one way system around holborn should be abandoned and all of the roads should be made to be 2 way with 2 lanes. one of which would be a bus lane. Easy solution that can be implemented in a short space of time.