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That's completely correct. If it wasn't for Wallis Simpson, there's half or more chance we'd currently have a king.
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We'd probably have a Chancellor, given that Edward was rumoured to be a Nazi sympathiser.
WRT Scrabtrapman's proposed form of government: I largely agree that the party system is broken. But my friend who works as a public servant developing policy and writing bills hates the idea. She makes the point that most politicians have no fucking idea what a law is about and trusts the party to tell them that it's a good idea. Bear in mind that - outside of the USA - the vast majority of bills voted on in parliament are uncontroversial and supported by both parties. But if each individual MP had to have every single law explained to them in detail, it would be a beaurocratic nightmare. And the potential for pork-barrelling would be frightful.
On the other hand, if we could limit our politicians to people who both cared to understand and had the mental capacity to understand every single bill, that would make it a far, far better system of government. Good luck finding those people, though.