I don't understand the Baftas. They seem to pick and choose when a film is considered British. A few years ago the James bond movies were honoured for a great contribution to British cinema. Since when have James Bond films been British? Cast and location aside, they were brought to the screen by an Italian/American, made with American money and released through hollywood studios
Before watching Ultimatum again at Christmas i would have agreed with you, but upon watching it for the second time i personally think it's the best of the trilogy. Plus the camera work seems less "shaky" and nausea inducing on the small screen.
You've just answered your own question with the remark 'cast and location'. I believe the figure is 70% of a film's production in Britain qualifies it as British (in JB's case, Eon remember is British, based in London).
Bond is a British character from a British novelist, shot heavily in Britain, uses British crews and a British cast, the production company is British, the music and graphics are British. Not 100% but imo certainly qualifies as a British film.