8(1)The provisions of this Act relating to building grants shall not affect any grant under section 3 of the [1960 c. 18.] Local Employment Act 1960 offered or made before 27th July 1971 ; and that section, section 2 of the [1963 c. 19.] Local Employment Act 1963 and sections 17 and 21(4) of the [1966 c. 34.] Industrial Development Act 1966 shall continue to have effect in relation to any such grant as they had effect immediately before their repeal by this Act or, as the case may be, the [1971 c. 51.] Investment and Building Grants Act 1971.
(2)In the case of any such grant as aforesaid in respect of expenditure incurred in relation to a development area, the Secretary of State may, if he thinks fit, re-determine the amount of the grant as if, in relation to the expenditure in question or that expenditure so far as relating to any particular building or extension—
(a)section 2(1) of the said Act of 1963 had prescribed a rate of thirty-five per cent. instead of a rate of twenty-five per cent.; and
(b)section 17(1) of the said Act of 1966 had substituted a rate of forty-five per cent. in the circumstances there mentioned ;
and may make such revised offer or, as the case may require, additional payment under the said section 3 as is consequential on the re-determination.