A controversial plan to build a new royal yacht has been scrapped, Defence Secretary Ben Wallace has confirmed.

The successor to the Royal Yacht Britannia – 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 burgeoning status as a great, independent maritime trading nation” post-Brexit.

The flagship was going to be named after the late Prince Phillip and used to host trade fairs, ministerial summits and diplomatic talks as the UK sought to build links and boost exports.

But speaking in the Commons, Mr Wallace – whose department was due to fund the project – told MPs he was prioritising the procurement of the multi-role ocean surveillance ship (MROSS) instead.

“In the face of the Russian illegal and unprovoked invasion of Ukraine and Putin’s reckless disregard of international arrangements designed to keep world order, it is right that we prioritise delivering capabilities which safeguard our national infrastructure,” he said.

The building of the multi-million pound vessel had come in for swathes of criticism from MPs and peers over whether it was value for money, especially after the public purse had been squeezed during the COVID pandemic.

Its cancellation comes ahead of an autumn statement on 17 November, where new Prime Minister Rishi Sunak and his Chancellor Jeremy Hunt are expected to announced a raft of spending cuts to fill in the £60bn fiscal black hole in government finances.

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The pair are keeping tight-lipped about what other measures will be introduced, and whether commitments like the pensions triple lock will be kept in place.

But both have promised the announcements will be “compassionate” to those most in need.

Mr 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 from inflation” in the upcoming statement.

The fiscal event follows a tumultuous time under the premiership of Liz Truss, when her disastrous September mini-budget sent the markets into a spiral, and unfunded spending promises to cut tax left large gaps on the Treasury’s balance sheet.

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