I think the most important word in my phrase "Enlightened, benign monarchy'" is 'benign' - no political power, no possibility of parliament being 'over-ruled' by the monarch. Basically, a figurehead for state and other occasions.

I've recently been moving towards the idea of a republic with an elected president but, having seen Trump, Cameron, and now The-Beast-Of-Grantham-Reincarnate, May, come to power, I'm not so sure.