The NSL was formed in 1937 by William Joyce, John Beckett and John Angus MacNab as a splinter group from the British Union of Fascists. The leaders claimed that the League had been formed because BUF leader Oswald Mosley was too in thrall to continental fascism, although Mosley contended that the three had simply been sacked from their paid posts in the BUF as part of a cost-cutting exercise. The formation of the group was announced at 109 Vauxhall Brdge Road in south-west London. Whatever the truth the NSL began fairly healthily as Joyce secured the financial backing of Alex Scrimgeour, a stockbroker, and soon the NSL was able to publish its own newspaper, The Helmsman, adopting 'Steer Straight' as the party motto.