@KeflavikAirport
"It would save us £1.24 a year each
First off that is a very conservative estimate. Second, £1.24 x 65 million people or so could pay for a hell of a lot of nurses or teachers."
These figures maybe true.
To compare stats - the French Presidency costs France £91.million pa that's £1.43 per person and the Italian Presidency costs £181.5 million pa = £3.08. pp.
So, even if we abolish the monarchy we would have to pay for something else, so financially there is no monetary gain.
However, there's a hidden advantage to having a monarchy
The birth of Prince George, a new future heir to the throne, back in 2013 was a cause for great national celebration.
It was also a cause for great economic celebration as the birth of the Prince caused an extra £247m to be injected into the economy from everything from royal baby themed merchandise to extra consumption of food and alcohol to celebrate the occasion.
Now, assuming that President Macron of France isn’t suddenly thrust into the spotlight of fame by producing a child that captures the public’s imagination, it’s fairly reasonable to assume there’s virtually no economic benefit to having a presidency. 