The core issue is that most major businesses are ultimately owned directly or indirectly abroad, largely in America, with some tapping by London-based intermediaries.

Supermarkets and shopping centres, national assets (e.g., water) the story is the same. Then there's Amazon et al.

Profit generated in this country is by and large not spent here, and is certainly not taxed adequately.

This causes inequality by short-circuiting redistributive measures, either local economic multipliers or government spending.

What gains are felt are concentrated in service sectors which facilitate global capital, concentrated in London. See OP's thoughts on legalistic societies.

It compares to inequality in England before the US was a thing, in the same way. Small elite benefiting from global plunder, vast inequality internally.

The British Empire didn't actually end. There was a hostile takeover by Washington at the end of WW2.