Who knows, maybe some celebration of our Englishness might shift national pride away from the rantings of the far right to the things that our really great about England?
The sad truth is that, at the moment, some of the things that many people are proud to call British or English are easily twisted so that they do down other nations. Our bravery in the world wars is now used to slag off historical enemies (listen to the '10 German Bombers' songs that our football fans always chant abroad). Our identity as an island nation is used to discriminate against immigrants and non-whites.
Such a shame that this poisonous majority have appropriated the cause, but then maybe a national day of celebration will help to reclaim it for the rest of us?
My guess would be that that might take time. St George's Day is 3 days after Hitler's birthday - the day that neo-nazis across Europe come out in force. With St George's Day so soon after they'd probably be tempted to make a long weekend of it... Sad.