Thanks chrissy. I found some more info about the Privy Council at wikipedia.
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Her Majesty's Most Honourable Privy Council is a body of advisors to the
British Sovereign. Formerly, the Council was a powerful institution, but is now largely ceremonial. Most of its power is held by one of its committees, the
Cabinet. The Council also performs judicial functions, which are for the most part delegated to the
Judicial Committee.
The Sovereign, when acting on the Council's advice, is known as the
King-in-Council or
Queen-in-Council. The members of the Council are collectively known as
The Lords of Her Majesty's Most Honourable Privy Council (sometimes
The Lords and others of...). The chief officer of the body is the
Lord President of the Council, who is the fourth highest
Great Officer of State, a member of the Cabinet, and normally, the Leader of either the
House of Lords or the
House of Commons. Another important official is the Clerk, whose signature is appended to all orders made in the Council.
Both "Privy Counsellor" and "Privy Councillor" may be correctly used to refer to a member of the Council. The former, however, is preferred by the Privy Council Office.