Depends at what age you look at; our primary school children compare favourably when tested at age 11, but then by 15 we are far behind (though not bottom ranked - more like middling). The government itself published a document called 'KS3: the wasted years' in which it looked at how children tend to spend KS3 recapping things from primary school as teachers are under so much pressure to get their GCSE groups to pass (this then means the next group that come up are not prepared, so teachers have to give them all the attention and neglect their KS3 classes and thus the cycle repeats).
I remember that there was another report that looked at how we view and approach education in this country. It found that we are of middling rank on spending, middling on teacher respect, middling on teacher happiness and middling on breadth of subjects.
One commentator noted, 'and we wonder why we're middling on outcomes'.
However, the rote learning in other schools across the world, which tend to then score better on the PISA test (barring Finland), does have its drawbacks - they tend to have fewer 'soft skills'.
I did think it was funny that after all this 'shanghai maths' talk, it was discovered that one part of China's 'Made in China' plan was to ensure that its workforce had more interpersonal skills that weren't strictly academic, and that they were looking at the school systems in the UK, America and other European countries to implement this.
They've realised that having having children able to regurgitate information will not be needed in the future, with the advancements in technology, and so our children need to be able to do the things a computer can't. They've moved on, and we're still trying to emulate their old model...
Sorry for the rant
Didn't realise I'd go off on one!