In times of war, a monarch can be instrumental for public morale. After all, a Royal family only exists because of their country, so who better to cheer-lead the people and keep morale up during a grueling war?
The English Royal family also brings in way more international tourism money for the UK's public coffers than the UK spends on the Royal family. One could argue that the reason England's castles attract so much more tourists than ones in other European countries with ousted monarchies, is that England's Royal buildings still house a functioning (sort of) monarchy. Kicking out the Royals would mean losing a large amount of their tourism money.
The United Kingdom has always been a monarchy and changing this makes only a little sense. Having a king and queen is more symbolic than practical, and for that reason it really doesn't matter if they were to keep the position or not. No issues have arisen in recent times from abuse of power and so there really isn't a need to abolish the monarchy.
There is really no point to any standing monarchy in today's society. The Queen is a figurehead and serves no purpose to England or Parliament. The concept of a monarchy impedes against basic human growth and expansion of the self, and to have a symbolic monarchy devoid of power is just a waste of time
Queen Elizabeth is a fixture of British culture, and in fact, she is known and held in high regard throughout the world, however, the concept of a monarchy, even in name only, is outdated and serves no useful purpose in the modern age. She should be praised and celebrated, however, there is no reason for a monarchy to exist in 2016.
Other than performing certain ceremonial duties, the monarchy of the UK serves no real use to the country and should therefore be removed, in my opinion. The money spent maintaining and heating Buckingham Palace alone, which is funded by the UK government, would be much better spent on funding the NHS or food banks for those who cannot afford to eat.