Speaking after the official Welcoming Ceremony for Team GB (pictured top) held here in the Athletes' Village – where those in attendance included The Princess Royal, the Mayor of London Boris Johnson, Sports Minister Hugh Robertson and chairman of London 2012 Sebastian Coe – Clegg insisted the Games was on course to make a lasting and positive mark.

"In every country in the world everyone knows about the Olympics, which means they will be following the athletes here," Clegg said.

"So it is a fantastic opportunity for us to show ourselves off as the open, warm-hearted country that we are.

"Let me let you into a little secret: there is going to be some congestion during the Games.

"But at the end of it people will be able to say they have witnessed a Games that is the best we have ever seen.

Nick Clegg (in suit) at the Team GB Welcoming Ceremony

"No doubt there will be some ups and downs along the way, but people are going to be so proud to have put on a successful Olympics.

"Now it is our job as politicians to welcome investors who have come from around the world and to make sure that after they have enjoyed the Games they return to invest in Britain."

After the large home contingent had been welcomed into the centre of the international plaza by the brightly costumed National Youth Theatre cast – who will be conducting official welcomes for all 204 competing nations – Mayor of the Olympic Village, Sir Charles Allen, said: "Today is a very special Welcoming Ceremony.

"After all the struggle and sacrifice, your time has come."

Allen recalled the 10-year journey that had been made to secure and deliver the Games.

"Seb Coe, Alan Pascoe, Barbara Cassani and I, under the direction of Sir Keith Mills, landed the 2012 Games in 2005," he said.

"But we would not be here today had it not been for the person I am proud to call my friend, the Village Deputy Mayor, Dame Tessa Jowell."

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