 He was Chairman of the board of the National Theatre from 1971 until 1988 and so oversaw its move from the Old Vic to the present building in 1976.Rayne was knighted in 1969 and made a life peer as Baron Rayne, of Prince's Meadow in the County of Greater London, on 2 August 1976.He was also created a Chevalier of the Légion d'Honneur in 1973, later promoted to Officier.