How about abolish the House of Commons and return power to the Monarchy instead? The UK would be in much better shape if its leaders actually owned the country, instead of being temporary care takers who constantly need to buy off constituents to get reelected. All those MPs don't care about any serious long-term fixes to the budget, but Prince William certainly does. If you had to be ruled by someone, wouldn't you rather it be a monarch with personal interest in your affairs instead of some sleazeball politician who's skilled in rhetoric and lying and who can't see past the next election?
This is actually the strongest monarchist argument in a nutshell. I find it moderately convincing. In fact, it's the main reason why I would not advocate for the abolition of a monarchy if I actually lived under one. However, I would not go far as to advocate for the abolition of democratic institutions within a monarchical system of government.
Think about it for a second. If the government is vested ultimately in a single family, there is a much greater incentive for the monarch to not squander the treasury if the monarch wants to pass on a healthy kingdom to his heir. Furthermore, the monarch would not necessarily be concerned with stealing everyone's rights because they want to engender good feelings with the public. They want to make themselves known as a protector of justice for the weak and defender against foreign invasion, not as a stealer of the people's bread.
Another thing is that this generally worked out in Europe. It wasn't perfect, and there were plenty of tyrants, but, for the most part, kings sought to maintain justice and the rule of law in their realm. England had plenty of kings that are known simply by the fact that nothing really bad happened while they were king, and that's what I want from a government, nothing particularly bad happening. On the other hand, every western democracy in the world in the short time that form of government has been dominant has become bankrupt, both economically and morally.
I'm not some kind of reactionary bent on reestablishing the monarchy, but I think a modified form of the British government (introduction of a codified constitution being the major change, along with quite a few others) might be a fairly decent form of government.
However, I must end by noting the moral degeneracy of the British Royal Family. I mean, this group of them, with the possible exception of the Queen herself, is a bunch of loons, and the British people abet their degeneracy. Prince William and the soon-to-be Princess have lived in sin on-and-off, and no one gives a damn. Prince Charles wants to have the title "Defender of Faith" instead of "Defender of the Faith," and he is known globally as a philanderer and New Age adherent. Prince Philip (Elizabeth's husband) is a certifiable loon, considering that he thinks the earth is overpopulated, and that we should cut back on our population drastically.
I hope and pray that the UK sees revival, and that it reaches into the halls of Buckingham Palace. That is the only thing that will save the isles from their fate.