Yes. There's a temptation, because they both "make CPUs" to view ARM as the "next Intel", but it's not like that at all. Intel is an industrial manufacturing company. They happen to manufacture CPUs that they've designed, but "what they do" (or at least, where their money comes from and where the bulk of it goes to) is manufacturing. In the ARM world, all that cash flow goes through TSMC, Samsung, TI, Global Foundries, Fujitsu, etc... Basically none of it goes through the UK.

ARM's model, of course, is absolutely the future of semiconductor design. But it's not going to bring an Intel-sized industry to the UK.