Is the UK finally accepting that it isn't a world power?

I was reading this article that was posted on RCW from the Daily Telegraph about the debate on whether Britain should relinquish its nuclear armaments and accept that it is no longer a world power. To relinquish their Trident (Nuclear defence) Program, they would have to also relinquish their permanent seat on the UN security council and much of its global influence and status. To update Trident technology on the other hand would mean a serious reduction in the UK's military capabilities as the update the Trident deterrent system would be using Ministry of Defence (MoD) funds which are already being cut by 10%.

http://www.telegraph.co.uk/comment/columnists/concoughlin/7967116/If-Britain-wishes-to-remain-a-brglobal-power-it-needs-Trident.html

In my opinion this is just the next step in the British realising that they are no longer the Empire that they used to be. Although this has already been to a large extent realised when Britain severed itself from former colonies economically, closed its borders to immigrants from its own 'commonwealth' and began bandwagoning with the US, its posturing as a global power in the current conflicts in Iraq and Afghanistan has demonstrated its audacity in holding onto its past well into the 21st century.