The Greater Cambridge City Deal has allocated £22 million over the next 5 years for:
"City Centre capacity improvements/cross-city cycle improvements"
see:
http://www.gccitydeal.co.uk/citydeal/info/2/transport/1/transport/2

Removal of car parking is an easily achievable way of making cycling more pleasant (and safer) Both the removal/relocation of Pay and Display and restrictions to all day commuter car parking on residential roads that form part of 'quiet roads' for cycling should form part of this funding stream.