Britain's largest Olympic medal tally in 100 years and fourth place in the medal table is a remarkable achievement by so many sportsmen and women. It is also the best possible springboard for London to become host city for 2012.
Now the Olympic focus passes with the flag to London 2012. The Wenlock Olympian Society and each local authority in Shropshire raised a flag on Sunday to help the county start to participate.
In Parliament I sit on the Public Accounts Committee, so am one of the MPs scrutinising both the construction and staging costs for the Olympic Games, but also the work of UK Sport in spending public money to achieve sporting success.
The Government has increased funding for elite sport which has clearly helped deliver in Beijing. But last month we published a report pointing out that UK Sport had missed its first target to secure the £100 million ear-marked to be raised from the private sector. None of the first £20 million of this had been committed by its target of April this year.
Doubtless the remarkable success in Beijing will spur some sponsors to get out their cheque-books. But the gathering economic gloom will make corporate wallets tighter and there is a real risk to this funding.
Sporting success is not all about money, as determination of individuals and teams are vital and host nation status can make a big difference. It also provides inspiration to encourage wider participation in sport at grass level, which I hope will be part of the lasting legacy of London 2012.
