UK Transport Secretary Grant Shapps announced the plans alongside infrastructure upgrades, changes to the Highway Code and new requirements to ensure that active travel schemes' effects are properly assessed with the launch of the Summer of Cycling and Walking document on Friday.
It comes after last year saw cycling rise more than in the previous 20 years put together, with the number of miles cycled on British roads rocketing by 45.7 per cent to 5 billion.
"Millions of us have found over the past year how cycling and walking are great ways to stay fit, ease congestion on the roads and do your bit for the environment. As we build back greener from the pandemic, we're determined to keep that trend going by making active travel easier and safer for everyone," said Shapps.
"This GBP 338 million package marks the start of what promises to be a great summer of cycling and walking, enabling more people to make those sustainable travel choices that make our air cleaner and cities greener," he said.
The Department for Transport (DfT) said that as the UK prepares to host the COP26 climate summit in November, these initiatives will play a key role in the government's drive to build back greener from the pandemic and achieve net zero emissions by 2050.
The GBP 338 million is a 30 per cent increase to the GBP 257 million announced for active travel in last year's spending review. This funding is aimed for the construction of hundreds of miles of new ''high-quality cycle lanes'' and aid the delivery of new schemes to encourage walking. This will include the delivery of improvements across the National Cycle Network.
As well as improving safety for cyclists, the DfT is also aiming to make cycling easier and more accessible through a new scheme aiming to increase awareness of e-cycles and tackle barriers to their use. An e-cycle support programme will be launched later this year and comes after the government's earlier funding to help nine local authorities deliver e-cycle initiatives.
Other key measures in the Summer of Cycling and Walking include plans to publish a new road safety strategic framework and commitments to help train hundreds of new Bikeability instructors and explore how historic railway structures can be converted into cycle routes.
The UK government has also announced that the new Active Travel England (ATE) commissioning body, which will hold the national cycling and walking budget, will begin work later this year.