(1)Every authority to which Part I of this Act applies shall in each financial year consult persons or bodies appearing to it to be representative of industrial and commercial ratepayers in its area about its proposals for expenditure and the financing of expenditure in the next financial year.
(2)The duty under subsection (1) above shall be performed by an authority in each financial year before it determines for the purposes of section 2 or 11 of the [1967 c. 9.] General Rate Act 1967 the amount of its total estimated expenditure for the next financial year.
(3)In performing that duty an authority shall have regard to any guidance issued by the Secretary of State concerning—
(a)persons or bodies to be regarded for the purposes of this section as representative of industrial and commercial ratepayers; and
(b)the timing and manner of consultation under this section.
(4)An authority shall make available to the representatives whom it proposes to consult under this section such information concerning its past and proposed expenditure and financing of expenditure as may be prescribed by regulations made by the Secretary of State.
(5)The power to make regulations under subsection (4) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
(6)For the purposes of this section the area of the Inner London Education Authority is the Inner London Education Area.