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When it comes to military power, the United Kingdom is all about ships. Not only do you get faster and cheaper ship upgrades, you also spawn light ships from your docks each time you build a new dock. Coupled with the formidable giant warship, the Victoria class, and you have a most powerful navy capable of anything.
On land, the British can be said to have some of the finest, if not the best, infantry in all Europe. Yet, while British unique units are some of the most powerful, with high rates of fire, range hitpoints and armour, they however have the highest pricetags for all land units. Great Britain historically had small armies — manpower was in serious short supply! - but whatever units they had always were exceedingly efficient at whatever they did.
So a player on Rise of the Moderns will be forced to build ships. This is not a problem since being based off the vanilla Dutch they have access to cheaper ships and can also spam the light warships (frigates, cruisers, and such) and their access to resources from accumulation means that they can afford slightly more. The Victoria is a very powerful unit at sea, but doesn't upgrade that much (why upgrade when it is so powerful?) so the British player will have leeway from the Colonial and Mercantile Eras. However, the lack of a better assault infantry unit in  when tanks and tankettes arrive mean that Britain is at a fair disadvantage from the Industrial Era onward.
Thus, Great Britain best ought to seek a diplomatic solution to whatever problems come at hand - or use its more powerful economy to pay off foes and recruit allies with a more efficient army should this need arise. China, Prussia, Austria and France all make good allies with this regard. Try to keep aloof from others, and keep your holdings on islands where possible, where your powerful heavy ships, teamed up with cheaper light ships, can keep the enemy at bay. By the Industrial Era, your navy having wrested control of the seas from all contenders, should then lend dominance to your land army, which while substantially powerful is not prolific, thus you should use force as conservatively as possible. A British empire teamed up with a faction with access to cheap and variegated infantry such as Germany or China can be a very potent coallition indeed, with China's dirt-cheap units or Germany's better but still technologically inferior units being used to screen Britain's more powerful but substantially more limited force.