It is universal. The flag, the state, the man. Details don't matter.
In the context of UK politics, and given Banksy's previous socio-political work, this statue is probably a response to 'the nationalists': https://en.wikipedia.org/wiki/Operation_Raise_the_Colours
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In the context of UK politics, and given Banksy's previous socio-political work, this statue is probably a response to 'the nationalists': https://en.wikipedia.org/wiki/Operation_Raise_the_Colours