Well known for causing extra financial commitments for the host
country the UK cannot afford to buy the games so it shouldn't.
End of story.

Well, actually - to be completely fair I'm slowly drifting to the same
point of view:

1. The games could be managed much better (reusing existing venues,
spreading venues around the country, etc).
2. There could be much more commercial sponsorship (as far as I
remember last Olympics in the US were finances without any tax-payers
money used). One could imagine banks with their super-profits
participating in that.
3. And of course ability of New Labour to mess everything hardly adds
any optimism.

But still - Olympics are fun and interesting event. I was actually
conceived during 1980 Olympics in Moscow ;-D