The concentration of power and wealth in hereditary monarchy provided an important source of political stability for Britain as it made the transition from being a global colonising imperial power, to a leading EU member-state, to a small island economy off the coast of Ireland.
In this clip from 1994, Leeds student Liz Truss tells ITV News the idea of the monarchy is 'disgraceful'.
Today she meets the queen to be appointed as the new PM.