The hard-earned collection from Rio included 27 gold, 23 silver and 17 bronze – the biggest medal count for the nation in more than a century.
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Downing Street also said there would be “no formal cap” on the number of honours that can be handed out to Team GB medal winners.
From her annual summer break in Balmoral, Her Majesty sent a message of praise to the country’s Olympic stars, many of whom will be returning to the United Kingdom in the next 24 hours.
“We all know that this success does not come easy and is the culmination of years of hard work, passionate commitment, sheer grit and determination”.
Team GB’s chef de mission Mark England described the accomplishment as ” quite simply one of the finest British sporting achievements to date”.
“You are an inspiration to us all, young and old”. It was the world champions’ 39th consecutive race win and was followed by further Team GB victories by the men’s four and, later, the men’s eight.
“They should be about recognising and rewarding great achievement and, by goodness, we have had that over the last two weeks”.
Farah – who celebrated his win with his trademark Mobot – said the accomplishment was “every athlete’s dream” as he dedicated each of the four medals to his children.
The message from the Queen, who is on her summer break in Balmoral, read: “I offer my warmest congratulations to the athletes of Great Britain and Northern Ireland, and the Commonwealth for their success at this year’s Olympic Games in Rio de Janeiro”.
Prime Minister Theresa May is “extremely proud” of the team’s medal haul following the “amazing” games and wants to see that success recognised.
Mo Farah has admitted that he would be thrilled to receive a knighthood after his “double double” success at the Rio Olympics, with other stars also expected to be honoured.
“It has been a brilliant Games but this is not an overnight success. this is 20 years in the making and we’ve now enjoyed five successive Games of medal growth”.
The Prime Minister’s official spokeswoman said: “We have had an incredible fortnight at the Rio Olympics and we should be looking at the differing ways that we can recognise and reward the athletes for all they have achieved, and honours are there to recognise and reward people”.
The study was conducted in Australia and New Zealand before and after the Rugby World Cup final in 2015.
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Sir Hugh, a former sports and Olympics Government minister, said: “The National Lottery funding is reasonably secure in any event because that relies on people buying their lottery tickets week in, week out and incidentally, if you haven’t done so please do so because this supports our Olympic athletes. This belief gives us a sense of security and of efficacy, which is at the root of improved well-being”, explained Prof Reicher.
