When Margaret Thatcher became Conservative Party leader in 1975, the CRD organised a full policy review to be co-ordinated by Sir Keith Joseph which preceded her election as prime minister. Unimpressed by what the Department then had to offer, she and Sir Keith Joseph set up their own think-tank, the Centre for Policy Studies in 1975 on her becoming Leader of the Opposition. The CPS was financed by Nigel (later Lord) Vinson, and its first Director was the late Alfred (later Sir) Sherman, who became Mrs Thatcher's speechwriter when she entered Downing Street. Sir Keith's key political assistant at the CPS was Philip van der Elst, a former Treasurer of the Oxford Union in which post he had directly succeeded Ann Widdecombe. Later when in office, Mrs Thatcher valued the CRD primarily for the way in which it communicated to the Conservative Party at large that radical political change was needed and how Britain was being transformed as a result of these changes. The CRD was a link between a reforming administration and the party on whose support it depended. It produced her general election manifestos and worked closely with her during election campaigns. The Director appointed in 1979 was Adam Ridley, who since 1974 had been Economic Adviser to the Shadow Cabinet.