Royal Yacht Britannia’s successor – expected to cost around £200m – was announced by Boris Johnson in May 2021, with the then prime minister saying it would reflect “the UK’s emerging position as a large, independent merchant shipping nation trading” Brexit. The flagship was to be named after the late Prince Philip and used to host trade shows, ministerial summits and diplomatic talks as the UK sought to build links and boost exports. However, speaking in the Commons, Mr Wallace – whose department was to fund the project – told MPs he prioritized the procurement of the Multi-Role Ocean Surveillance Ship (MROSS). “In the face of Russia’s illegal and unprovoked invasion of Ukraine and Putin’s reckless disregard for international arrangements designed to maintain world order, it is right that we prioritize providing capabilities that protect our national infrastructure,” he said. The multi-million pound boat building had come under fire from MPs and peers over whether it was value for money, especially after the public purse was squeezed during the COVID pandemic. Last year, the Commons Defense Committee warned that there was “no evidence of an advantage to the Royal Navy from having the national flagship” and that the price, as well as operational costs, would add to the pressure on the service. His cancellation comes ahead of an Autumn Statement on November 17, where new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt are expected to announce a raft of spending cuts to plug the £60bn budget black hole in the public finances. The pair are tight-lipped about what other measures will be introduced and whether commitments such as the triple lock on pensions will be kept. But both have promised the announcements will be “compassionate” to those most in need. Wallace told MPs he would hold talks with Mr Sunak and Mr Hunt this week in a bid to secure funding to “protect our armed forces and our current plans against inflation” in the upcoming statement. The fiscal event follows a tumultuous period under Liz Truss’s premiership, when September’s disastrous mini-budget sent markets into a tailspin and promises of unfunded spending to cut taxes left large gaps in the Treasury’s balance sheet.
