The police and crime panel may, having reviewed the proposed precept, veto the proposed precept.

If the panel vetoes the proposed precept, the report made under paragraph 3 must include a statement that the panel has vetoed it.

References in this Schedule to a police and crime panel vetoing a proposed precept are references to the panel making a decision, by the required majority, that the proposed precept should not be the precept for the financial year.

For that purpose, the panel makes that decision by the required majority if at least two-thirds of the persons who are members of the panel at the time when the decision is made vote in favour of making that decision.