Nationalism in its current form is a crude school of thought, mostly based in the working classes of each nation. By taking this positive step towards establishing our identity and making it as much of a marker within each year as any national celebration. We are part of the European Union certainly, but that does not mean that we have to forego our national pride and definition of ourselves.
Thatcherism created the cult of the individual (fine as a principle but flawed by our own humanity)and it is time that we resorted to the highest common factors that bind us all as Britons. This is equal and mutual and is a natural thought progression of the Big Society. However, it should be more defined and explicit.
On a baser, but nonetheless relevant level, this has the power to raise revenue through manufacture of day-related goods and associated marketing and could put some people back to work, in jobs as diverse as manufacture to hospitality.