Ironically, you have undersold Phil by not mentioning his drumming! He was very much channeling his inner Ringo on this tune.
Speaking of irony, I've always found it interesting that the band's first truly decent pop song came from Steve Hackett, a man often praised for his progressive leanings. I don't know if Selling England is Steve's favourite Genesis album but I wouldn't be too surprised if it was; it's certainly the album where he really shifts gear (then again, I think the band as a whole upped their game on this record, in every way).