An American outfit reckons that the annual value of the monarchy to Britain PLC is about 1.7 billion, which is way in excess of whatever it might cost us. Financially, every country needs a head of state. We're going to need one whatever if Graham were to have his way. The largest single assembly or world leaders outside the UN General Assembly took place in London last September went pretty much the head of state of the entire planet came to London. Now, that's not a soft power. I mean, that sort of diplomacy on a level that nobody else can match.

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