Not entirely dissimilar. Playing politics is important to getting things done here too. Schmoozing is less overt on this side of the Atlantic though and more based on actually doing helpful things for the poeople who you want to help you. Being schmoozy can get you labelled as a "typical Yank" and harm your credibility - Brits like to be (or like to think they are) more sincere when networking.
As you'll appreciate or come to appreciate, despite the typical image of America as a very free-speaking place, the corporate workplace in the UK is less hierarchical and deferential. Being polite but objective can serve you better in networking than being excessively nice (the Brit interpretation can be that you're being false and kissing up).