4 Imposition of borrowing limits
(1) Where the Secretary of State considers that it is necessary to do so in the interests of the national economy, he may by regulations set a limit on the aggregate level of borrowing of money by local authorities.
(2) No regulations may be made under this section unless -
(a) the Secretary of State has consulted such representatives of local government as appear to him to be appropriate,
(b) he has laid before each House of Parliament a report explaining the reasons why he considers it necessary that the regulations be made, and
(c) the report has been approved by resolution of each House of Parliament.
(3) Section 116(1) and (2) does not apply to regulations made under this section.