I completely agree. It's always astounded me how quickly Malaysia can build things yet we seem to take an age to do anything. I suppose half the issue is we have health and safety issues to contend with over here, whereas there is little in the way of this in Malaysia.
I'd far rather see the F1 saved in this country than see us hosting the Olympics...
Britain is an embarrassment when it comes to just about anything. The British Grand Prix is just another fiasco. Motorsport contributes a hell of a lot to Britain's economy; the McLaren Group, for instance, has come up with a number ideas which have found their way into road-going cars and other products. On top of that, McLaren (and the other motorsport teams) are big local employers. It would not cost all that much to help out racing in Britain. There are a number of really good tracks, several of which now have decent infrastructure; so it's just a matter of building new pits and hospitality suites. And, to be fair to Ecclestone on this point, he's not asking the European venues to compete with the likes of Abu Dhabi in terms of facilities; just so long as they are modernised, he'd be fairly placated.
The Olympics are a waste of time. They are are going to leave
no sporting legacy whatsoever. The problem is not that people aren't interested in sport in Britain, but that there has never been investment in sport to nurture talented youngsters. The government are "solving" a problem that does not exist. Much less money could have been better invested in grass routes sporting facilities, including motorsport.
We are where we are, however. Britain is committed to the Olympics and the government have brought the country to the brink of bankruptcy, so even if politicians did decide to help out the British Grand Prix, they'd have missed the boat: Britain's limited finances may be better invested in other areas.

Ayrton Senna: WDC 1988,
1989, 1990, 1991
McLaren: WCC 1974, 1984, 1985, 1988, 1989, 1990, 1991, 1998,
1999, 2007McLaren: WDC 1974, 1976, 1984, 1985, 1986, 1988, 1989, 1990, 1991, 1998, 1999, 2008