Harm made the good point that all big empires come to an end.
Britain might no longer be an Empire, but that's not to say it doesn't make a massive influence in the world, past and present.
Think of how many countries were developed due to the Empire. There were downsides to all this, true, such as slavery (in some countries for some time) and high taxes and unfair representation of the native people.
But this was no more than any other European Country with global territories did. The Dutch, The French, The Spanish, The Germans... They've all had numerous colonies in Africa, the Americas and Asia. And now they don't.
It just happens that for some time Britain was the most successful of the European Colonisers.
Just think how many countries and territories around the world which used to be part of the Empire still happen to have Royal representation in them, or still adorn Union Flags within their own national flags or emblems.
Or how many countries speak English as a first language.
I don't think it's fair to say the UK is "losing it's touch", because it doesn't own all the land it used to.
You'd hardly say that the Roman Empire, which conquered much of Europe, or the Persian Empire, which conquered much of Asia and North Africa, or the Mongolian Empire, which conquered much of Asia too had "lost their touch".
