It seems that a U.S. group has been granted the funds for a trip to the U.K. by several groups including a couple in the U.K., http://bit.ly/UGyjZ. This was brought to my attention by @THErealDVORAK on twitter a few moments ago. The Register comments on the funds being wasted on a holiday for the blogging group. I would take a different stance on that. The funds were spent in the U.K., on U.K. goods and services, not on U.S. goods and services.
The goal of the visit, a meeting with U.K. professionals about the web 2.0 and beyond will benefit the entire group and help business learn to use the web to grow their market.