watered down from its original proposals, with planning agreements being made voluntary instead of compulsory. It took equity in various companies including British Leyland, Rolls-Royce, Alfred Herbert, Sinclair Radionics and Ferranti. Activities In practice the NEB's main activity became one of rescuing failing companies, with mixed results. It also made efforts to develop Britain's fledgling electronics and computer industries. One of the first tasks of the NEB was the production of the Ryder Report, named after the NEB's new chairman, Lord Ryder, on the future of British Leyland. In 1975 the NEB bailed out the struggling electronics firm Ferranti and effectively nationalised it, acquiring a 65% share of the company. This was returned to the private sector in 1980 as a profitable company. In 1977 the NEB rescued Sinclair Radionics from bankruptcy, provided a loan facility and took effective control of the company by acquiring a 73% stake. The memory and microprocessor company Inmos was set up by the NEB in 1978. Demise After the Conservative Party took power in 1979 under Margaret Thatcher's leadership, the NEB's powers began to be eroded. The last Labour-appointed chairman of the NEB was Sir Leslie Murphy, who resigned with his entire board when Sir Keith Joseph (the new industry minister) decided to remove its responsibility for the government's holding in Rolls-Royce later that year. The next chairman was Sir Arthur Knight who was content to lose a number of companies, but strongly supported the Inmos microchip project. However he eventually became frustrated by the government and resigned in November 1980. The 1980 Industry Act and new Guidelines had restricted the NEB role to a catalytic investment role, nationally and regionally, particularly related to advanced technology and small firms. Knight was succeeded by his deputy, Sir John King (later Lord King of Wartnaby), who proceeded, with some vigour, to dismantle most of the board's remaining activities. 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). In 1992 BTG was transferred to the private sector and in 1995 listed on the London stock exchange as BTG plc, when it became a leading technology transfer company that commercialised intellectual property acquired from research organisations and companies around the world. List of chairmen 1975–1977: Lord Ryder 1977–1979: Sir Leslie Murphy 1979–1980: Sir Arthur Knight 1980–1981: Sir John King 1981: