The octave "London, 1802" describes England as having lost its values. What is meant by this statement?

This sonnet was composed by William Wordsworth in 1802. One afternoon, his sister Dorothy read to him some sonnets of Milton, and Wordsworth, on hearing those sonnets calls upon the noble spirit of Milton, who despite having lived in troubled times, led a puritan life of strength and character, and served his nation well.
A writer's age is always mirrored in his work. This poem also reflects the undercurrents of the poet's admiration for the French revolution that proved to be a harbinger of joy, hope and equality for the French against the shackles of oppression and tyranny of the masses. But Wordsworth believed in reformation rather than revolution and this poem bears a testimony to this fact.
In times of social and political deterioration, we yearn for a messiah to put an end to our trials and tribulations. In this Octave (lines 1-8), Wordsworth dejected because of social stagnation, political upheaval and moral degeneration of the English nation, invokes the spirit of Milton to lead them to the pinnacles of glory. He believes that the progress in England has come to a standstill owing to the political upheavals, moral degeneration and exploitation of the poor, labouring classes at the hands of the landlords. England may have gained material wealth but there seem to be no prospects for its poor. He laments the fact that all the English classes __________ the clergy, the soldiers, the commoners, even the men of letters have lost their old heritage of happiness and contentment, and have now become a selfish nation. So, he appeals to Milton to be amongst them in these trying times in order to teach them the noble values of virtue, freedom, power and strength of character.

William Wordsworth uses his poem “London, 1802” to lament the loss of virtue and values that he has seen in British society. There are several things he mentions in particular, bemoaning their disappearance and wishing they were restored.
The main virtues he is saddened by losing are happiness, religion, chivalry, and artistry. He believes the people of London are bitter and greedy and therefore are unhappy in their lives. Additionally, many have forsaken religion and turned to secularism. He also mentions the lack of justice and chivalry in the nation, which is deeply troubling considering the nation’s history as a chivalrous one full of knights and kings. The disappearance of art and literature are mentioned because Wordsworth believes they would encourage the other values to grow again, and losing them has destroyed these virtues.