1The repeal by this Act of any enactment relating to any grant, contribution or subsidy shall not affect any power or duty to act on any application or arrangements made or proposals approved before the commencement of this Act, any power to reduce the rate at which any such grant, contribution or subsidy is to be paid, any obligation to observe any condition falling to be observed in pursuance of such an enactment, any obligation to make a payment in consequence of a breach of such a condition, any power to vary the rate of interest on such a payment or the imposition of such a condition by such an enactment in a case where a standard grant or improvement grant is paid by virtue of this paragraph.