What is the British monarchy?

The royal family of Great Britain.

Historically the British Empire was ruled by a monarchy (Kings, Queens, etc). The modern British Empire is now structured with a parliamentary government system that handles most of it's political decisions; but keeps it's Monarchy out of tradition.

The modern British monarchy still maintains ownership of important land holdings, is responsible for maintaining the tradition of giving out titles (lorships,knighthoods, etc) and takes on some of the countries diplomatic needs.