Interesting thread. I grew up in NZ, did my schooling and two degrees there and did a postgraduate qualification and another degree in the UK. I've also taught in the UK and Scottish systems. I went to bog standard schools in NZ and, when there are only 7 universities in the country, it's hard to call any one better than the other.
With the disclaimer that anecdote does not equal data, and bearing in mind my recollections are highly subjective, I think the UK education system is nowhere near as good as it likes to think it is. I find it highly elitist, from primary onwards. It strikes me that the whole public/private debate here obscures the fact that poor education happens in both sectors. The worst examples I saw of poor teaching all came from the private sector.
That aside, I work in Higher Education. Maybe I'm an old gimmer who thought it was all better in her day, but I'm appalled at the low levels of literacy I routinely encounter in undergraduates (and a significant proportion of postgraduates). The simple things I was taught in primary school, grammar, spelling, logic, how to structure a written piece of work etc seem not to be taught with any rigour. We also left school scientifically and mathematically literate. I remember being taken aback when teaching computing that 18 year old students hadn't encountered binary before. By the time I left primary school I remember being able to calculate in binary, octal and hexidecimal. We were also expected to know how to conduct a formal debate and were taught basic logic by the time we were 12. However, like the UK languages were a massive weak point.
When I studied for my MSc in the UK I remember getting a bit worked up beforehand about how hard it was going to be. It was in a subject I hadn't studied at undergraduate level, in fact it was a completely different discipline. I was stunned at how easy it was. The level of scholarship and the amount of research that was required was minimal compared to the MA I had done in NZ. The support, guidance and spoonfeeding that went on was on a scale I had not encountered before.
So how does this translate into the global market place? I guess to answer that you need to look at who works where. I can't speak for the UK, but wherever I go, and I'm quite widely travelled, I always encounter a Kiwi working at some interesting job.