There could not be a more unfair way to implement a world body dedicated to peace and sovereignty.
nb Full text of UK mission to UN's statement (partially quoted in video) -
a UK Mission to the UN Spokesperson said "The UK will not give up its permanent seat. Nor will it relinquish its veto. We use it sparingly and responsibly, the last time being in 1989. The power of the P5 veto is fundamental to the effective working of the Council. We do not believe the veto should be extended to other countries. Doing so could make the Security Council slower at coming to decisions -- exactly the opposite of what Security Council reform is meant to achieve."