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
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