It lifted Britain up to seventh in the medals table with a total of 17, seven of which are gold with Chris Hoy (pictured with Ross Edgar) having claimed two.

 

The gold the Scottish cyclist earned today, in the Keirin, was the 700th medal won by a British athlete in the 112-year history of the Olympics.

 

On Sunday, another cyclist, Nicole Cooke, had won Britain's 200th gold medal.

 

With the possibility of another three gold medals in cycling and sailing  tomorrow Britain could be well on its way of achieving the target set by Government agency UK Sport of 12 gold medals with a week of action still remaining.

 

UK Sport have given £235 million of National Lottery funding to help prepare the team for these Games, a significant increase on the £70 million that was provided for the Athens Olympics four years ago.

 

Coe, the chairman of London 2012, who was at the Shunyi Rowing Park to see the coxless four win the Olympic title for a third consecutive Olympics and British rowers win bronze medals in the men and women's double sculls, said:  "Mercifully, what I think what we have finally understood as a nation, although it's taken us a long time to get there, is that you don't get excellence on the cheap.

 

"You have to resource.

 

"If you go from Sydney through to Athens, Athens through to Beijing, there's been increasing levels of funding.

 

"That funding has been targetted on individuals really well and that's what you get.

 

Clegg, the Chef de Mission of Team GB, said: “What a great day.

 

“I do believe that the performance of Team GB today means that this is the most successful day of the last 100 years.

“Team GB is in really good spirits at the moment.

 

"There’s a huge buzz around the Village and everybody is confident that over the remaining eight days we can continue to build on the success that’s been achieved over the last week or so and take Team GB to further heights."

 

The hope is that the outstanding performances will help provide the boost to help Britain achieve its target of finishing fourth in the medals table at London in 2012.

 

Clegg said: “These Games [Beijing] will be judged as a stand alone Games, but they will also be viewed in the context of London 2012.

“When we won the bid [for the 2012 Olympic Games] in Singapore in 2005, seven years is quite a long time in anyone’s life span.

 

"But all of a sudden the [London] Games are getting closer and I think the whole country will suddenly wake up to the fact that we are the next hosts when Boris [Johnson, the London Mayor] receives the flag from the mayor of Beijing at the closing ceremony.

“I don’t think that Team GB could do any more in terms of exciting the nation over and above giving a really good performance here and really convincing the nation that the aspirational target we have of fourth place in the medal table at 2012 is achievable. 

“I think British sport is in a really good position at the moment and a good Games here will allow us to make the progress we want towards our target for 2012.”

 

Coe said: "It's an extraordinary platform for London 2012.

 

"There are so many things need to come together when you perform at that level.

 

"It's great governing bodies, great coaching, hungry, motivated competitors, inspiration.

 

"That's just come together in a sublime way today."