you get axed that in america a LOT.
but it doesn't have the same connotation. at least to the way I understand the question being asked in England. mostly b/c class is a much more confused issue here. there are exceptions - a Bob Jones U grad is likely to vote GOP, an Evergreen State alum Dem (or Green) - but generally you can't judge someones politics based solely on where they went to school. right-wing stereotypes about "liberal intellectuals" not withstanding.
not that I think our system of admission to higher education - a bewildering hodgepodge of grades, test scores, "extracurriculars", letters of rec, how you interview, personal background (gender/race/SES), $$$ and, seemingly, whimsy - is more egalitarian, but I don't think we have anything comparable to your public schools (what we would call private schools) funneling kids into particular universities. or we do (Exeter, Andover, etc) but not nearly on the same scale or with such widespread associations.
