Explanation: The word sunk is the past pretense of sink. Plus if the sentence didn't say The Red army has just sunk the Blue Army's submersible (or submarine) it wouldn't make any sense any other way. Hope this answer you queries! UwU
It might be summarized that the poet believes that England brings hopes and glory. People is free. British people are proud of their nation. God protects the land and made the land powerful. God will make the nation even more stronger in the future.