In the most modern sense, yes, Britain still retains 14 separate territories outside the United Kingdom. And there is also the separate entity of the Commonwealth of Nations, which, although, is not political per say the nations in it still recognize Queen Elizabeth II as the Head of the Commonwealth, and in many cases she is still their monarch and head of state. In that extent the empire survives.
However, oddly enough the nation that has something closest to a colonial empire is The United States of America, who has sovereignty over Puerto Rico (and does not afford them a vote in US Presidential elections, which is much the same relationship as England had with America before the American Revolution). America also owns, American Virgin Islands, Guam and the Northern Mariana Islands as well as countless other island chains, and lastly the territories not connected to the main 50 states: Hawaii and Alaska.
Another Answer:
Yes and no. The British Empire reached its peak in 1922, ruling over 1/6th of people living and owning almost 1/4 of the world's land. There is not a date when the Empire ended, so I have provided a timeline of the fall of the Empire for you so you can make your own decision, as even historians argue about when the Empire ended.
There are 5 large points in the downfall of the Empire that you can look at to see when and if the Empire ended.
1947-1948: India, Pakistan, Sri Lanka, Malaysia, Burma, Ireland, and Palestine leave the Empire. Soon after the term "Empire" became obsolete, with the more politically correct term "commonwealth" taking its place.
1957-1966: All of the UK's holdings in Africa (with the exception of Zimbabwe), the Middle East, South America and most of the territories in the Caribbean become independent. Within 9 years the Empire had been almost totally dissolved.
1980/81: Belize and Zimbabwe become independent, the few remaining colonies are renamed "British Dependent Territories".
1982: The British strength is put to the test again, when Argentina attempts to invade the Falkland Islands.
1997: The last large British territory, Hong Kong, is ceded to China.
In closing, whether or not the Empire still exists is highly debated. Fourteen British Overseas territories exist (Gibraltar, Akriotori & Dhekelia, British Indian Ocean Territory, Saint Helena & the Ascension Islands, South Georgia and the South Sandwich Islands, British Antarctic Territory, Falkland Islands, Pitcarin, the Turks & Caicos, Cayman Islands, British Virgin Islands, Bermuda, Montserrat and Anguilla), with only 667,000 square miles of land and only 260,000 citizens. Of these territories, three are claimed by other countries as well. Some relics of the British Empire live on as well (one of the highest medals and decorations awarded by the Queen is The Order of the British Empire), even though the term "empire" hasn't regularly been used by the British for over fifty years.
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Canada was still a trading partner of the United States when it was part of the British Empire. Canadian products traded with the U.S. include maple syrup and furs.
north America The British Empire controlled an entire continent in Australia. The British Empire was the largest empire in history.
Why did The British Empire lose their land?
if there wasn't a British Empire there would still be slavery in Africa and we had the knoledge to find out about all these differant diseases and ilnesses and we was able to make the medication and give it to less fortunate countries.
Yes. It joined the British Empire in 1625 ;P