A parade will be held for all of the British athletes who take part in the London 2012 Olympics and Paralympics, it was announced today.

The parade, a celebration of British success called Our Greatest Team, will travel from Mansion House in the City of London through to central London on September 10.

Team GB have enjoyed their most successful Olympic Games since 1908 with third place in the medal table and 65 medals, including 29 golds.

ParalympicsGB is geared up to try to improve on its success at the Beijing 2008 Games when the team came home with 42 golds and second place in the medal table for the third successive Paralympics.

The London 2012 Paralympics run from August 29 to September 9.

Andy Hunt, Team GB's chef de mission and the British Olympic Association chief executive, believes the parade will also act as a thank you from the 541 Britons who competed at the Olympics to the very vocal sports fans.

He said: "This unprecedented success was helped by the huge impact of the passionate vocal support of the home crowd, who encouraged Team GB's athletes to achieve their personal best in the venues.

"The parade of Our Greatest Team on September 10 will provide an opportunity for the nation to recognise and celebrate the special achievements of this unique group of athletes, and importantly, for the members of Team GB to show their appreciation and gratitude for the inspirational support they have received from the great British public throughout the London 2012 Games."

British Paralympic Association chief executive Tim Hollingsworth said: "It's our turn now to show the nation what we can do on home soil.

"If we also achieve our target of more medals across more sports then the 2012 parade will be a fantastic tribute to Our Greatest Team and a fitting end to a wonderful summer of sport.

"ParalympicsGB has a great track record when it comes to the Paralympic Games and we look forward to showing the nation and the world what we can do in 17 days time."

The parade is being organised by the mayor of London, BOA and BPA, along with BA, BT, Camelot and Visa.

London mayor Boris Johnson said the parade is a way of recognising "the supreme achievements" of the athletes and hopefully getting youngsters to take part in sport.

He said: "The men and women competing in this year's Games are role models for our times, underlining the virtues of aspiration, hard work and commitment. Team GB's medal haul has been outstanding and we can expect another magnificent showing during the Paralympic Games."

Mr Johnson brought laughter from a number of British medal winners after telling them the UK should celebrate their achievements with "an orgy".

During a visit to Team GB House in Westfield, near the Olympic Park, he told the group: "What else do we do now? I think we just have an orgy of..." but he then stumbled over his words and paused, to the amusement of the athletes.

The Mayor then completed his sentence by calling for "an orgy of national congratulations and thanks".