Sir Steve Redgrave joked he was set for a "comeback" after Sir Chris Hoy surpassed his five Olympic gold medals.
Sir Chris told the BBC that Sir Steve was "an inspiration" and "that to be mentioned in the same sentence as this guy (Sir Steve) is just incredible".
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Shadow chancellor John McDonnell has backed a free vote for MPs on the issue.
Savers into the new scheme can expect rates as high as 4 per cent from some banks.
Very windy with gales possible