BBC News is saying there were between 4-7 blasts in buses and underground trains and stations around London. It would be much more probable that the blasts were due to the G8 and not the Olympics. I doubt that terrorists give a crap about who gets the Olympics and more about stirring sh*t up for the G8 summit to make a statement to world leaders.
And the French? Riiiiight....they don't bomb anything but islands in Paradise to test their nukes.