The Arctic Monkeys have been named the best act in the world today at the 2007 Q Music awards

The Sheffield band beat some heavyweight competition for the prize, scooping the gong ahead of the Killers, Foo Fighters, Muse and U2.

However, after failing to win the Mercury Music Prize for their mega-selling album Favourite Worst Nightmare - losing to Klaxons' Myths of the Near Future - they lost out again in the best album category, with troubled chanteuse Amy Winehouse picking up the award for her superb Back to Black.

The reinvigorated Manic Street Preachers took the prize for best track for their collaboration with Cardigans lead singer Your Love Alone is Not Enough, while the Kaiser Chiefs' Ruby was named best video at today's lunchtime ceremony at London's Grosvenor House Hotel.

Coventry punks the Enemy claimed the best new act award, while Kate Nash took the best breakthrough artist prize.

In what must be a record for the most individual awards ever given, the music magazine - celebrating its 21st birthday this year - honoured eight musicians for different career achievements.

While Billy Bragg won the classic songwriter award, Smiths guitar legend Johnny Marr earned the lifetime achievement prize, having revived his career as part of US alt-rock band Modest Mouse.

Sir Paul McCartney won the Q icon award, country singer Ryan Adams scooped the merit prize for his prolific output and Kylie Minogue was named Q idol ahead of her new album.

Ian Brown took the Q legend gong, Damon Albarn earned recognition for his groundbreaking work with Gorillaz by winning the Q inspiration prize and the late, great Tony Wilson was named Q's hero.