We have some good artists but overall I think British music is quite disappointing at the moment and has been for a while. With a few exceptions, it generally lacks ambition, creativity and originality imo.
Whilst I agree that there is good music to be found outside of the commercial/chart stuff, I don't really agree that it's British artists who are making the "amazing" or "great" music. IMO, Amercan indie/alternative/rock music, and their singer-songwriters, have pee'd on ours from a great height over the last decade. I don't say this with any joy, it's just the way I see/hear it.
So I would say music is still good, despite the stuff in the charts, but British music is only "OK".