No. In fact, we shorten words in ways that AmE speakers don't. 'Brolly' for umbrella, 'cardi' for cardigan, for example. AmE also tends to invent words which seem ( to us at least) unnecessarily long - 'burglarize', for example.
Nor is it true that BrE is more formal than AmE. Take subjunctives, for example. BrE speakers, even in formal situations, will happily use an indicative mood where a subjunctive is required. ('They insisted that he leaves' rather than the correct 'They insisted that he leave', for example). This sounds horribly uneducated to the (educated) American ear.