Oh, I agree whole-heartedly. To be honest, I didn't even know how important the class system had remained in this country until I went to university - I had never met a privately educated person in my life, and suddenly I was surrounded by them!
However, I do think that the emphasis on the prestige of one's university in this country (these days, at least) largely stems from a good decade or so of policies pushing perhaps less-than-ideal candidates into higher education. The replacement of vocational training with degree-level equivalents has in many ways depreciated the whole university process, leaving employers necessarily needing to look for the 'value' of a degree anywhere they can.