The British team, whose performance has improved dramatically over the past four years, has had its funding increased from £964,000 ($1.5 million) to £2,785,100 ($4,419,396).

The investment, which for the first time has been agreed under the same "no compromise" criteria as the summer sports, will be spread over four years until 2014.

Last year, seven short track speed skaters went to the Vancouver 2010 Winter Olympics, an improvement on the four team members who competed at Turin in 2006.

Jon Eley came sixth in the men's 500 metres with the GB men's team also finishing sixth in the 5,000m relay.

Over the last four years the GB team has won 21 medals at world level, either through ISU Championships or World Cups.

Stuart Horsepool, performance director of the GB short track speed skating programme, said: "In the present financial climate, post the Government's Comprehensive Spending Review and with London 2012 drawing ever closer, UK Sport has shown commitment to winter sports, bringing us in line with our summer counterparts.

"Now it is up to us to deliver in Sochi 2014 and beyond.

"This award will give a positive message of support to the skaters and their support staff.

"The money is a credit to the hard work and commitment the skaters put in.

"We now have a proven track record of world class performances.

"Hopefully the investment will give us the means to improve even further."

The best skaters in the world will be competing in the World Short Track Speed Skating Championships at the Motorpoint Arena in Sheffield from March 11-13, the first time they have been held in the UK for a decade