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(1)If it appears to the Secretary of State that, after the time when the amount mentioned in section 2(2)(a) of this Act was determined for any year, an unforeseen increase has taken place in the level of prices, costs or remuneration and that the effect of the increase on the reckonable expenditure of local authorities for that year is substantial, he may at any time redetermine for that year the amount and portion mentioned in section 2(2)(a) and (b) of this Act and by an order, made in the like manner and subject to the like provisions as a rate support grant order, increase the amount fixed by the relevant rate support grant order as the aggregate amount of the rate support grants and any element of the grants for that year.
(2)The provisions of sections 2 and 3 of this Act relating to consultation and to a report of the considerations leading to a determination under the said section 2 shall apply to a redetermination under this section as they apply to a determination under that section.
(3)In deciding whether to exercise his power under subsection (1) of this section and in redetermining in the exercise of that power the amount and the portion there mentioned, the Secretary of State shall have regard only to the extent by which the said amount and portion are insufficient by reason of the unforeseen increase aforesaid.
(4)An order under subsection (1) of this section with respect to any year may, as respects that year, vary the matters prescribed by the relevant rate support grant order.
(5)In this section " reckonable expenditure " has the same meaning as in section 2 of this Act.
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