New Royal yacht will pay for itself ‘many times over’, says PM

THE replacement for Royal Yacht Britannia is to cost up to £250 million, but Boris Johnson insisted it will pay for itself “many, many times over”.

In a recorded speech heaping praise on the initiative to build a new national flagship, the Prime Minister said he wished to “metaphorically smash a bottle on your hull”.

Earlier this month the Government announced the new flagship would cost £150million in a formal “invitation to tender” document for “design phase one” from the Ministry of Defence, the first stage on getting the ship built.

However, Ben Wallace, the Defence

Secretary, told those gathered at the industry event in Greenwich: “Subject to working through bids, competition and technology, I aim to commission the ship for between £200 and £250 million on a firm price.”

The Daily Telegraph understands that £150 million remains the “target figure for industry”, but this is “part of a cost bracket”. The higher figures are understood to ensure “there is no overspend”.

Mr Johnson added: “We need a way of showcasing the very best of Britain, the best of our business and manufacturing and our agriculture and service industries. At every big trade fair and expo around the world we need a new aquatic forum, a conference centre, a marketing suite, a place that the world’s top investors will fall over themselves to visit. A new flagship for a new type of commercial diplomacy.”

He said building the ship, which is aimed to be at sea promoting British business by September 2025, will support British “jobs and growth”, while making use of “clean, green and digital technologies”.

£150m Industry target figure for the total spend on new Royal yacht, although the figure of £250m is to ensure there is no overspend