I'm not sure that "Ye Olde English" is the right term to use here. British writing is not all formal and old-fashioned; although there are the great and famous writers like Austen and Shakespeare, modern writers deserve to be recognised too. There is some amazing modern British writing out there at the moment. The American style is different, but it would be unfair to class it as 'more modern'. British writing reflects Britain, which is different from America, but we're not completely out of touch over here! I don't think that either is better or worse: just different.

