Gareth of Toque and CEP fame has hit on a rather good idea - the Witanagemot.
Gareth tells us that the Witanagemot was an Anglo-Saxon gathering of eminent people. It would include Anglo-Saxon nobles, bishops, etc. and they would be responsible for taxes, charters, etc. and even for electing the king.
If you have an English Nationalist blog, particularly if you've been "outed" in his list, go to http://www.toque.co.uk/blog/archives/2005/08/your_questions.php and check it out.