Much as I tend to think that Benn senior is wrong on just about every issue—and when he's right, it's usually for the wrong reasons—he is entirely correct about the sovereignty of the people.
We lend our power to Parliament for five years; at the end of that term, they are required to give those powers back. If, however, those powers have been given away, then they have broken that contract.
I have said it before and I'll say it again: we are ruled by scum. Let's hang them all.