On Monday, David Cameron gave his first major speech after being re-elected as Prime Minister. Confronting a world of challenges — including Greece’s possible exit from the euro, a massive migration crisis on Europe’s shores, Ukraine’s perilous state, Russia’s continued intransigence, the advance of Isis and the continuing chaos in the Middle East — Cameron chose to talk about . . . a plan to ensure that hospitals will be better staffed on weekends.

Okay, that’s a bit unfair. Leaders everywhere, including in the United States, understand that “all politics is local.” But spending a few days recently in Britain, I was struck by just how parochial it has become. After an extraordinary 300-year run, Britain has essentially resigned as a global power.

Over the next few years, Britain’s army will shrink to about 80,000. A report from the Royal United Services Institute predicts that the number could get as low as 50,000, which, the Daily Telegraph points out, would be smaller than at any point since the 1770s — and, as David Rothkopf of Foreign Policy magazine notes, about the same size as the New York Police Department.

The International Institute for Strategic Studies concludes that over the past five years “the 8 per cent to 9 per cent decrease in the UK military defence budget . . . has led to a 20 per cent to 30 per cent reduction in conventional capability.” No wonder, then, that Britain has been a minor, reluctant ally in the air strikes against Isis. Britain’s 30-year-old Tornado fleet of planes is a generation behind the American F-22s it flies alongside. The Royal Navy, which once ruled the waves, operates without a single aircraft carrier (although two are under construction).

Nato members are supposed to maintain defence spending at 2 per cent of their gross domestic product. Britain is hovering around that mark and has refused to commit to maintaining budgets at that level. (It should be said that most other European countries are worse, which means that the United States accounts for more than 70 per cent of Nato's military spending.) The same is true of other elements of Britain’s global influence. In Cameron’s first term, the Foreign Office budget was cut by more than a quarter, and further trims are likely. The BBC World Service, perhaps the most influential arm of the country’s global public diplomacy, has shuttered five of its foreign-language broadcasts, and the organization’s entire budget has been slashed, with more cuts to come.

The country is suspicious of a robust foreign policy of any kind — including serious sanctions against Russia, getting tough in trade talks with China, the use of force in the Middle East and an engaged relationship with the rest of Europe. During the recent election, as The Post reported, foreign policy barely surfaced.

What does five more years of the Tories mean for Britain? Show all 8 1 /8 What does five more years of the Tories mean for Britain? What does five more years of the Tories mean for Britain? Welfare payments will be slashed One of the most controversial parts of the Conservative manifesto was to cut benefits for the working age poor by £12 bn over the next three years. But during the campaign they only said where £2 bn of these savings would come from. That leaves £10 bn still to find. Some experts think the only way they can close that gap is by means testing child benefit – with millions of families losing out Getty What does five more years of the Tories mean for Britain? There will be tax cuts for those in work and those who die The Tories will increase the threshold at which the 40p rate of tax becomes payable to £50,000 by 2020. They haven’t said so but it is also likely that at some point in the next five years they will abolish that 45p rate of tax altogether for the highest earners. They also want to increase the effective inheritance tax threshold for married couples and civil partners to £1m Getty What does five more years of the Tories mean for Britain? There will be an in/out EU referendum in 2017 The next two years are going to be dominated by the prospect of a referendum on Britain’s membership of the EU. First off David Cameron has the daunting task of negotiating a deal with other EU leaders an acceptable deal that he can sell to his party so he can go into the referendum campaigning for a ‘yes’ vote. This may be unachievable and it is possible that the Tories may end up arguing to leave. Opinion polls show Britain is divided on EU membership, one poll this year showed 51% said they would opt to leave compared to 49% who would vote to stay in Getty What does five more years of the Tories mean for Britain? There will be more privatisation of the NHS Having won the election the Tories now have a mandate to go further and faster reforming the NHS. In order to make cost savings there is likely to be greater private involvement in running services, while some smaller hospitals may lose services they currently provide like A&E and maternity units Getty What does five more years of the Tories mean for Britain? There will be many more free schools – and traditional state schools will become a thing of the past The Tories plans to create 500 new free schools and make 3,000 state schools become academies. They will also carry on reforming the Department of Education and remove more powers from local authorities over how schools are run Getty What does five more years of the Tories mean for Britain? On shore wind farms will be a thing of the past and fracking will be the future Government spending on renewable energy is under real threat now the Lib Dems are no longer in power with the Tories. Subsidies are likely to be slashed for off-shore wind farm and other green energy supplies. Meanwhile there will be generous tax break for fracking as ministers try and incentivise the industry to drill for onshore oil and gas Getty What does five more years of the Tories mean for Britain? There maybe more free childcare – but not necessarily In the campaign the Tories pledged to double the amount of free early education for three- and four-year-olds from 15 hours a week to 30. The extra hours would only be offered to working families where parents are employed for at least eight hours a week. However they have not said where the money will come from to fund the pledge Getty What does five more years of the Tories mean for Britain? Workers' rights could be reduced The Tories want to slash business regulation, merge regulator and cut costs. The Lib Dems stopped them from reducing the employment rights of workers in power – but these are now under threat Getty

Why does this matter? Because on almost all global issues, Britain has a voice that is intelligent, engaged and forward-looking. It wants to strengthen and uphold today’s international system — one based on the free flow of ideas, goods and services around the world, one that promotes individual rights and the rule of law.

This is not an accident. Britain essentially created the world we live in. In his excellent book God and Gold, Walter Russell Mead points out that in the 16th century many countries were poised to advance economically and politically — Northern Italy’s city-states, the Hanseatic League, the Low Countries, France, Spain. But Britain managed to edge out the others, becoming the first great industrial economy and the modern world’s first superpower. It colonized and shaped countries and cultures from Australia to India to Africa to the Western Hemisphere, including of course, its settlements in North America. Had Spain or Germany become the world’s leading power, things would look very different today.

It is a paradox, readily apparent to visitors to Britain, that London continues to thrive as a global hub, increasingly cosmopolitan and worldly. More than a third of Londoners were born outside the United Kingdom. And this government has been more than willing to travel around the world petitioning for investment, whether it be Chinese, Russian or Arab. That is fine as a strategy for an aspiring entrepôt or financial haven, but Britain is not Luxembourg. It is, even now, a country with the talent, history and capacity to shape the international order. Which is why the inward turn of the United Kingdom is a tragedy not just for it but for all of us.