The year is 2005. British economy is booming. The Prime Minister is Tony Blair. Prince William and Kate Middleton were simply dating. The U.K. seemed to be on top of the world. And in July of that year, to top it all off, it was announced that London had beat Moscow, Paris, Madrid, and New York City for the 2012 Summer Olympics.

Fast forward to 2012, where an unexpected recession took a toll on British society. Current Prime Minister David Cameron struggles to keep the economy rising. Wills and Kate, also known as the Duke and Duchess of Cambridge, are now married after a luxurious wedding, and Britain is in the dumps. Now, Britons are looking for the Olympics as more than a summer of sport; the Games have become an economic jumpstart. The question is, will the 2012 London Olympics save British economy?

Recent figures from USA Today estimate that the Games have cost Britain over $14 billion dollars. Add the cost of the Royal Wedding – which dragged a total of over $50 million, as reported by CBS News – as well as the cost of Queen Elizabeth II’s Diamond Jubilee this June, a whopping $2 billion, and there’s some serious national debt to clear, coming to over $16 billion. The amount the Games are slated to bring to British economy? $1.6 billion.

Back in January 2012, Prime Minster Cameron was quoted by Metro UK as saying “I want the message to go out loud and clear, from tourism to business, sport to investment, we are determined to maximise the benefits of 2012 for the whole country.”

These benefits include the Olympic Games and Paralympic Games themselves. It was revealed in December that the latter had sold 1.5 million tickets, with the opening and closing ceremonies being sold out, among other events. This feat was unexpected by Paralympic organisers, who later struggled to plan out the seating for the events.

This boost in ticket sales seems insignificant compared to the budget needed to build Olympic facilities. London has invested in the East End to turn it into the “Olympic Park”, with four new venues being built for the Games. These venues include the Aquatics Centre, which has a wave-shaped roof. Due to the innovative shape and high stature of the roof, more money will be spent to heat the pool. Similar issues are seen in the Water Polo Arena’s structure.

The cost of the four venues, which will later house an 11,000 house neighbourhood in what used to be a wasteland, are still in question, but organisers assure it has not exceeded the budget. This budget does not include the cost of maintaining the venues in the future.

A spokesperson for the Department of Culture, Media and Sport told Sky News that "with 140 days to go until the Olympic Games, we are on time and under budget, with over £500m ($793 million) worth of uncommitted contingency remaining.”

The Olympics are scheduled from July 27, 2012 to August 12, 2012. The city will get a break until August 29, 2012, when the Paralympics begin. Final figures for the cost of the Olympics aren’t expected until after the end of these last games, which is September 9, 2012.