No the flag is not racist.

A racist can wave the flag just like anyone else... but the flag remains just the symbol of England.

IIRC St George was possibly Turkish or Syrian in origin - and was a guy who stood up for minority interests (Christianity). So its not a good starting point for racists. Having said that the racists I have met don't know their arses from their elbows anyway.

It's not a racist flag and it's not a racist country. Yes there are racists here, just like there are criminals, scroungers and other vermin.