In May building work began on the massive Olympic Park in east London, the site of the 2012 Games.
As well as being the venue for many events during the games, the park will feature shops, restaurants and accommodation for over 17,000 athletes and officials.
The budget of the 2012 games is currently £9.35bn (127.2bn RMB), but this could still rise.
London's previous Olympic organisers had to make do with less time and fewer resources.
Rome was scheduled to host the 1908 Olympics, but the eruption of Vesuvius in 1906 forced the Italian government to divert its resources towards the stricken city of Naples.
London rose to the challenge of putting on the games at short notice. The White City Stadium was built in ten months at a cost of £60,000 (820,000 RMB). The infield of the stadium featured a swimming pool and stages for wrestling and gymnastics.
London was next scheduled to host the 1944 Games but war postponed this event until 1948. Shortages of food, resources and capital meant this was always going to be a spartan Olympics. A temporary running track was laid at Wembley Stadium for the athletics. Britain was unable to build an Olympic village, but put the visiting athletes up in schools and army barracks, while some British athletes simply lived at home.
These games have gone down in history as the ‘Ration Book Olympics’. It was the era of food rationing in Britain, and some athletes brought food from their countries to share with their competitors.
The Argentineans brought 100 tons of meat and Iceland offered frozen mutton. The US flew enriched white flour daily from Los Angeles.
At a time when the public were being urged to be careful in their consumption of food, this magnanimity was not welcomed by everyone. Dr Magnus Pyke at the Ministry of Food described America as having a "disregard for geography and expense".
Food security is once again a matter of public concern but it is very unlikely that competitors will be asked for their ration books in the 2012 Olympic Park.