I personally feel this would be a great idea. As a commuter and keen cyclist I believe that like cars all bikes on the roads should be worthy for the journeys they are taking. The reasons I feel why such a scheme would benefit cyclists and the economy are:
1) Improved information as regards safe standards for all bikes
2) A guaranteed standard for cycles
3) A better reputation or cyclists due to the knowledge their bike is road worthy
4) A likely decrease in death and injury. Especially those caused by malfunctions such as failed breaks and snapped chains
5) The creation of a true cycle repair industry, driving up mechanic standards, reducing costs and increasing HMRC revenues.
6) Bargaining power for cycle lobby groups. With greater revenues being received by the government it is more likely they will sit up and listen to cyclists views.
7) Increased security for bikes as they will be registered and more likely to be returned to their owner if discovered by police. Allow for the creation of a National Database
8) Reduced cycle insurance costs may be a natural response as more cyclists apply for insurance
9) Funds could be channelled into schemes such as proficiency training for kids, free bikes for under privileged kids.
10) Creates a cheap business opportunity for many who are finding employed jobs hard to come by
Whilst I realise that the additional cost may prevent some from taking up or participating in cycling. The nominal cost versus the huge potential benefits should not be ignored. In addition I also think we should have a scheme similar to cars that also includes mandatory 3rd party insurance.