Sir Keir Starmer has said funding for UK Sport is “an investment in the next Team GB”, and that the Government needs to look at the shortfall it is facing.

The Prime Minister met UK athletes at the Olympics in Paris on Saturday after watching the opening ceremony on Friday night.

Asked about the shortfall facing UK Sport, the government agency that provides funding for the British Olympic and Paralympic programme, Sir Keir told the BBC: “We do need to look at that, and obviously that’s an ongoing discussion that we’re having in relation to funding.

“But times are tough when it comes to the economy at the moment, I’m not going to pretend otherwise. But this is important, and it is an investment in the next team GB.”

He said it was “amazing” to meet athletes from Team GB and that “we punch well above our weight” at the Olympics.

He added: “I’ve been saying to them, look, the whole country is going to be watching you, because we will … that adds a little bit to the pressure, but they’re an incredible team of athletes going into this, and they’re full of hope, determination, but also I’ve really detected a calm confidence that they bring to what they do, which is, I think, that necessary added ingredient.”

Sir Keir told Eurosport presenter Laura Woods that he would watch any sport, which is why the Olympics is “the biggest thing for me”.

The Prime Minister said he met athletes including boxer Delicious Orie, which was “really special” because his son is a fan.

Sir Keir watched flag-bearers Tom Daley and Helen Glover lead out the British contingent at the Olympic opening ceremony in Paris on Friday night.

Unlike his neighbouring dignitaries, Sir Keir opted out of a protective poncho amid the downpour at the Trocadero, the end-point of a six-kilometre flotilla of athletes down the Seine – marking the first time a summer Olympic curtain-raiser has taken place outside a stadium.

The Games have now kicked into full gear with a Saturday programme featuring 14 medal events, and a first look at three-time Olympic champion Adam Peaty in his 100m breaststroke heat.