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They have con
They have informal access to power, but are required to be pretty parsimonious in how they use it. Prince Charles attracted criticism for being too demanding of government a few years back. The most consequential bit is the royal prerogative exercised. This is exercised over a range of policy but on Government advice. In other words the prime minister or a Secretary of State recommend that it is exercised. It’s usually just a technical device but in theory it is problematic. Cabinet ministers don’t have to be elected MPs, so it is quite possible to have both an unelected head of state and a unelected prime minister or Secretaries of State. I’ve never known it happen but if you look at the areas of policy that are executed by royal prerogative it could in theory get very problematic democratically speaking,
This tells me nothing about what privilege they have. If one of them exercises a royal prerogative, what does it do?