Who cares about "for it's time" it's today we live in, in 1880 most people lived short, dirty and poor lives in the UK
children died younger as did women in childbirth, well over 60-70% of people died before 60yrs of age.
Britains industry depended on tarriffs and raw materials from the colonies, thats no longer the case now it's services both domestic and exported ones in a open market.
Defensively Britain was always under threat at home due to commitments abroad, basically her empire drained millitary resources from the homeplace to protect strategic interests abroad.
Germany/France were the biggest threats when Britain still had an empire, they were able to threaten Britain without having to invade it's empire or Britain.
Britain then had to ensure it's alliances on the continent discouraged too great a single power on the continent, this would give it time to utilise it's colonies to eventually overwhelm an enemy.
Todays britain is better on every box you could want to tick.
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