This is the UK's Union Jack (on a belt buckle). Also known as the Union Flag, it's made up of the crosses of St George (England), St Andrew (Scotland) and St Patrick (Ireland).
Yes we do have it the right way up too (thick white bottom right, rather than at the side). If the BBC shows the flag upside-down they soon know it - us Brits are very particular about it.
By the way, it seems it's still a criminal offence for non-military ships to fly this flag at sea. Want to know more? There's a huge amount of Union Jack history given on Wikipedia.
Approx 94mm wide by 48mm high.
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