Chesterton's beliefs were based on profoundly Christian, and specifically Catholic doctrine. His was the age in which not only did Rerum Novarum (frequently featured on this blog) condemn Socialism as anti-Christian, but likewise condemned unconstrained corporate capitalism, in Quadragesimo Anno; "Just as it is gravely wrong to take from individuals what they can accomplish by their own initiative and industry and give it to the community, so also it is an injustice and at the same time a grave evil and disturbance of right order to assign to a greater and higher association what lesser and subordinate organizations can do" and "every social activity ought of its very nature to furnish help to the members of the body social, and never destroy and absorb them".
Socialism is no longer the greatest threat to this nation; the banks are. They support central Statism, because this is the system that suits their interests best. They support the EU, because trans-national governance is in their interests. They favour central economic planning, a high State stake in the economy, and the levers of economic control through tax and investment being manipulated at national level. They are, in other words, profoundly anti-Localist and a profound obstacle to subsidiarity.
And if you think I'm being a little un-Conservative, well, Chesterton had something to say on that as well;
The whole modern world has divided itself into Conservatives and Progressives. The business of Progressives is to go on making mistakes. The business of the Conservatives is to prevent the mistakes from being corrected.