New £200m national yacht to be funded by Ministry of Defence

Downing Street has confirmed that a new national flagship, reportedly costing £200m, will be paid for by the Ministry of Defence (MoD).

Speaking to Sky News, the prime minister’s official spokesperson said Boris Johnson hopes it will be built in the UK, but that international rules on procurement will be followed.

The new flagship will replace the Royal Yacht Britannia which was retired in 1997 after 44 years of service.

As reported in Marine Industry News, the vessel will be used to host trade fairs, ministerial summits and diplomatic talks as the UK seeks to build links and boost exports following Brexit.

The PM’s official spokesperson declined to comment on where the MoD would find the reported £200m required for the project out of its budget, but did confirm the new vessel will not be a warship.

When asked by the BBC why the funding was set to come out of the MoD’s budget – when the yacht will be classified as a trade ship rather than a military vessel – the spokesman replied that Defence Secretary Ben Wallace had responsibility for UK shipbuilding.

The yacht, which is set to be in service for about 30 years, will be part of the Royal Navy and crewed by it.

Earlier this year when plans for the yacht were announced, the prime minister said: “This new national flagship will be the first vessel of its kind in the world, reflecting the UK’s burgeoning status as a great, independent maritime trading nation.”