Aye, bunch of timewasting tyre-kickers :/
The argument is that's it's £6M (?) that comes out of the cycling budget, and that hosting the depart doesn't actually do much for commuting in London - which is fine as a justification, but they must have realised that well in advance. It'll certainly screw up the chances of London ever getting any events from ASO in future I expect, unless the identity of the timewaster-in-chief becomes known..
I'd be curious as to how the (final) London stage of the ToB compares, cost-wise (I missed this year but went along for the previous two).