A £250m national flagship proposed by former prime minister Boris Johnson while in office will be cancelled by the new chancellor, Jeremy Hunt, according to various news reports.

Plans to build a new royal yacht to drive post-Brexit trade deals have been scrapped with immediate effect.

Amid withering criticism of project from likes of Ken Clarke, MoD learns it may not have to pay whole bill.

A new Royal Yacht Britannia would act as a boon to the UK’s international trade and “unite” the country following the bitter divisions of the Brexit debate, a government minister has said.

So far, the MoD has spent nearly £2.5 million on staffing costs and consultancy fees related to the project.

The government has cancelled its plans to build a Brexit trade yacht with "immediate effect", the defence secretary has announced.

A new national flagship, the successor to the Royal Yacht Britannia, will promote British trade and industry around the world, Boris Johnson has said.