700 was the single-class rate for the single-class flight (it was listed as Y - as opposed to M for Economy in two-class flights). But as LHR-AMS (the only two-class route from the UK) was worth 350 in M you could say that 700 equates to the Business Class rate.

I guess it's no wonder you hear so many British accents in the Crown Lounges - it used to be so easy for us to reach the old Royalwing, with all bar one route being worth a minimum of 700 points (some were worth 1100)