I think the main difference between US and UK grading is that, in general, US dealers tend not to use EX, but go from MINT- straight to VG+, which means their VG+ / VG is probably the equivalent of our EX / EX-.
UK grading systems didn't start to use EX until 1980 - before then, our grading was in line with the US grading system, in that a VG+ record would have been near perfect. Buygone magazine in the UK revised its grading system in 1980 - I can remember it almost word for word. This is how they put it - has it changed much over 30 years?
MINT: A record which looks (and plays) like brand new
MINT-: Played a few times with the very slightest of marks caused by removing the record from the sleeve, though not audible.
VG+: Some surface marks, with some light surface noise. The very slightest of surface marks.
VG: Surface marks - played well with some surface noise.
VG-: More surface marks, a little more surface noise, but doesn't jump.
GOOD: A record which has not been well cared for, typically one which has been stored without a cover, with numerous surface marks and some scratches. Should still be listenable with the music more prominent.
FAIR: Foreign noises about as prominent as the music, not good to listen to.
POOR: All right if you collect the labels and don't listen to the music.
Note - Some people use EX and, if used, goes between MINT- and VG+.