As a former PCV driver - though thankfully not in London - I can offer the advice that pulling straight into the path of a bus which is proceeding along a clear bus lane is neither clever nor pretty, and is certainly not legitimate.
Buses will tend to be fitted with powerful air brakes, which if applied hard - such as in the case of an incompetent idiot pulling straight across in front of the vehicle - will almost certainly launch passengers out of their seats and down the inside of the bus, causing injuries. A sharp driver may very well, if given the chance to do so, make a perfectly reasonable judgement that the impending destruction of a badly placed car is less of a concern than multiple injuries to innocent members of the travelling public. It's probably also a better option for the idiot in the other vehicle than a visit from the Police and the worry of being charged with Careless Driving or something similar - next time you pass a London bus count the number of CCTV cameras you can see attached to the outside.
As for the slightly amusing, rather bitter and twisted post by 'Lud', I would have to suggest that if you are indeed "run into by some moribund or semi-conscious cabbie or bus driver " whilst performing a dangerously poor driving manoeuvre without any basic observation (i.e. being unable to spot a bright red double decker bus, probably running with it's headlamps switched on), we can only hope that the shock of how inept and dangerous you are just might be enough to put you off driving for good. Alas, probably not...
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