In 1981 the Conservative government of Margaret Thatcher, combined the NEB with the National Research Development Corporation (NRDC) to form the British Technology Group.
In its original conception, the NEB was intended to extend public control and ownership of the economy, by taking a stake in the UK's leading manufacturing firms, which would then be required to make planning agreements to meet economic targets.
[1] This was given impetus by a growing desire amongst Labour's left-wing to fulfil the promise contained in Clause IV of the Party's constitution, for social ownership of the economy.
[6] It took equity in various companies including British Leyland, Rolls-Royce, Alfred Herbert, Sinclair Radionics, International Computers Limited (ICL) and Ferranti.
[6] Also in 1975, the NEB invested £25 million into the loss-making machine tool manufacturer Alfred Herbert to modernise the business and reduce borrowings.
[19] In 1981, under the chairmanship of Sir Frederick Wood, the NEB was combined with the National Research Development Corporation (NRDC) to form the British Technology Group (BTG).