While the Victoria Cross is still in existence and is still considered to be the most esteemed award for valour in the UK, the criteria for receiving the award have become stricter over the years. It is now more difficult to be awarded the VC than it was in the past.
In modern times, the VC is rarely bestowed, with the last recipient being Lance Corporal Joshua Leakey, who received it posthumously in 2013 for his actions in Afghanistan in 2012.
Since its establishment in 1856, a total of 1,358 Victoria Crosses have been awarded, with 1,113 of those being awarded during the First and Second World Wars. Only 14 Victoria Crosses have been awarded since the end of the Second World War in 1945.
In summary, the Victoria Cross can still be awarded to military personnel who display conspicuous gallantry and valour above and beyond the call of duty in the face of the enemy, but the rarity and strict criteria make it an extremely challenging and prestigious award to obtain in today's military context.