London narrowly pipped Paris to the finishing line in the bid to host the 2012 Olympic Games.
Earlier voting saw Madrid, New York and Moscow ruled out of the race as they were eliminated in the first three rounds of voting by International Olympic Committee delegates in Singapore.
The last time Britain played host to the Olympic Games was in 1948, the first Olympic Games to be held after the end of the Second World War.
News of the victory was welcomed by cheers from the flag-waving crowds that had gathered in London's Trafalgar Square to await the result.
Prime Minister Tony Blair called the win "a momentous day" for Britain.
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