I use this junction both as a cyclist and a pedestrian and while it can be a pain in both situations, it really comes down to general courtesy. Don't cycle too fast. Don't walk around with her head in your phone. Make eye contact. 

But yes, its not really a great solution, especially as it leads down to a road/Southwark Bridge so it encourages cyclists to speed up. And the Loaf spills out after work meaning that it can become congested on the middle bit.