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The most dangerous junctions for cyclists in London were revealed today as transport chiefs came under attack for under-spending their road safety budget by more than £50 million this year.

Elephant and Castle was named as the location of 80 crashes involving cyclists and motorists between 2009 and 2013 that were serious enough to be reported to police.

Trafalgar Square was second with 46, followed by Waterloo Road (45) and Lambeth Bridge/Millbank roundabout (38), insurance firm Aviva found.

Elephant and Castle was the scene of a fatal crash last May when Oxo Tower porter Abdelkhalak Lahyani, 47, was killed by a HGV as he cycled to work.

Cyclist Meryem Ozekman, a 27-year-old fitness instructor, was crushed to death by a lorry on the same roundabout in April 2009.

The Aviva survey, based on 23,000 cyclist crashes reported to police within the M25 over five years, included 80 fatalities — 67 of them within Greater London.

It comes as Boris Johnson was forced to admit, in a written answer to Liberal Democrats at City Hall, that Transport for London has only spent £29 million of its £82 million cycling budget this financial year.

TfL’s 2014/15 cycling budget was originally £107 million but was cut to £82 million last October due to savings with the Boris bike scheme and “re-phasing” of road safety schemes.

Caroline Pidgeon, leader of the London Assembly Lib-Dems, said the figures from Aviva were “appalling” and it was “simply shameful that year after year TfL repeatedly spend just a fraction of their allocated budget on vital improvements to junctions and investing in cycling infrastructure.”

Aviva analysis of 100 UK cases where cyclists made claims in excess of £125,000 for life-changing injuries found a third of claimants were male cyclists aged 40 to 49 commuting to or from work. It found HGVs were involved in a third of serious collisions, while a third of cyclists involved in serious collisions after dark were not using bike lights.

A TfL spokesman said any underspend would be rolled forward into the follow year’s budget, ensuring cycling investment was protected.

He said the TfL board last month approved plans for the construction of four new cycle superhighways - between Acton and Tower Hill, King’s Cross and Elephant and Castle, the CS1 and the inner section of CS5 - and upgrades to the four existing cycle superhighway routes (CS2, CS3, CS7 and CS8) as part of the Mayor’s Cycling Vision. These schemes will cost around £160m to deliver between now and the end of 2016.

Aviva analysis of 100 UK cases where cyclists made claims in excess of £125,000 for life-changing injuries found a third of claimants were male cyclists aged 40 to 49 commuting to or from work. HGVs were involved in a third of serious collisions

Top 10 cyclist incident hotspots in London 2009-2013

Elephant and Castle roundabout 80

Trafalgar Square 46

Waterloo Road roundabout 45

Lambeth Bridge/Millbank roundabout 38

Upper Tooting Road/Lessingham Avenue, Ansell Road/ Derinton Road 34

Grove Road/Mile End Road 32

Vauxhall Bridge/ Wandsworth Road 31

Monument Tube station junction 29

Camberwell New Road/Brixton Road 28

Camberwell New Road/Kennington Road/Harleyford Street 28