LONDON - Britain announced yesterday it would build a new royal yacht costing £60 million to replace Britannia in time for Queen Elizabeth's Golden Jubilee in 2002. Britannia, currently on its final voyage, is to be taken out of service after 44 years afloat.
"We have taken that decision because we believe that a Royal Yacht is an important national asset and projects a prestigious image of Britain which adds powerfully to official occasions and to British economic interests," the Defence Secretary, Mr Michael Portillo, said. The new yacht will cost half the £10 million needed to upkeep the Britannia and the money will come from the defence budget, he added.