<p>Her Majesty's Ship the royal yacht Britannia in Hong Kong before it was decommissioned in 1997</p>

Her Majesty's Ship the royal yacht Britannia in Hong Kong before it was decommissioned in 1997

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After reports circulated of a new ship to replace the now decommissioned Royal Yacht Britannia earlier this year - including to name it after the late Duke of Edinburgh - the new “national flagship” has actually been given the go-ahead by the prime minister.

The vessel, which was previously estimated to cost up to £200 million, will look to “boost British trade and drive investment” into the UK economy by hosting trade shows negotiations.

“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.

“Every aspect of the ship, from its build to the businesses it showcases on board, will represent and promote the best of British,” the prime minister said in a statement.

In April, several Tory MPs proposed a new royal yacht in memory of Prince Philip, after the royal passed away aged 99.

However, a senior royal source told The Sunday Times that it was considered “too grand” a symbol for the monarchy, adding that “it is not something we have asked for”.

Now that the plans have officially been confirmed, it appears as though many members of the public share that sentiment, suggesting other areas where the money could be spent:

The ship, which will be manned by the Royal Navy, is expected to be in service for around 30 years once it sets sail, which Downing Street says will be “within the next four years”.

Construction of the ship, meanwhile, could begin “as soon as next year”.

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