Team GB’s competitors have been set an official medal target of at least 48 medals across 12 sports in London, which would represent their best performance for more than a century. UK Sport, which has invested more than £300m of taxpayer and Lottery funding in Olympic and Paralympic sport over the past four years, promised British athletes would do better than in Beijing. In 2008, they also finished fourth in the medal table, with 47 medals across 11 sports including 19 golds.

Full article:
London 2012: Team GB Set Target of Minimum 48 Medals at Olympics – The Guardian – July 4, 2012
By Owen Gibson
Link to The Guardian article