Campaign group Republic has criticised Brand Finance for again claiming the monarchy is worth billions to the British economy.

The group branded the claims a fantasy.

Republic's CEO Graham Smith said today:

"Brand Finance are wading into a public debate with figures that just don't add up."

"They have added up spurious claims about tourism, not backed up by any evidence, to valuations of public property that would remain in public hands in a republic.  The net result is a fantasy figure that will delight monarchists but mislead the public."  

"The Crown Estate and the Duchies belong to the nation, not the royals.  Any revenue they generate cannot be attributed to the monarchy.  The same is true of palaces, castles and the Crown Jewels."

"No evidence has ever been forthcoming to support the claim the monarchy is good for tourism.  When Republic met the heads of VisitBritain in 2011 they agreed that no evidence supports the claim that tourism would fall if the monarchy were abolished."

"There is little if any evidence that the monarchy represents economic value for the country, while the annual cost to the taxpayer remains at around £334m."