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In the work cited by Dicey, Bagehot used the phrase "electoral body" just once, in a context where he clearly means the House of Commons
But—and here is the capital distinction—the functions of the House of Commons are important and CONTINUOUS. It does not, like the Electoral College in the United States, separate when it has elected its ruler; it watches, legislates, seats and unseats ministries, from day to day. Accordingly it is a REAL electoral body. The Parliament of 1857, which, more than any other Parliament of late years, was a Parliament elected to support a particular premier—which was chosen, as Americans might say, upon the "Palmerston ticket"—before it had been in existence two years, dethroned Lord Palmerston.
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Dicey is talking about the population of the UK as a whole as the ultimate source of sovereignty. This is slightly more than just the voters, because it includes the influence that non-voters, such as children, have on voters.