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This would be known as the 'National Enterprise Board' (NEB) and its role would be to stimulate investment and innovation in industry.
Starting with companies where the government already possessed a substantial share, such as British Petroleum (BP), International Computers Limited (ICL) or Rolls Royce, the NEB would move on to establish a 'controlling interest' in twenty-?
Central to the NEB's brief was the role of venture capitalist, supporting the development of new products even if this involved establishing its own companies should com- mercial prospects not encourage the backing of the private sector.41 Its authority
The work of the NEB would be supported by 'planning agreements' between the government and private ?
Firms unwilling to commit themselves to these arrangements would not receive backing.44 The model for this new strategy was a continental one: the NEB owed much to the Italian Istituto per la Ricostruzione Industriale (IRI) established by Mussolini in 1933 but kept by post-Fascist administrations, while planning agreements drew from the example of pro- gramme contracts pioneered by the French after 1966.45 The entire package was designed to provide Labour with the 'tactical instruments for planning' which had not been available to the DEA, following as it had a largely indicative approach.
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