Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Britain to build new flagship to promote trade

Published 29/05/2021, 22:35
Updated 30/05/2021, 12:00
© Reuters. Union Jack flag flies above a Unionist mural in Larne, Northern Ireland December 30, 2020. REUTERS/Phil Noble/Files

© Reuters. Union Jack flag flies above a Unionist mural in Larne, Northern Ireland December 30, 2020. REUTERS/Phil Noble/Files

LONDON (Reuters) - Britain is to build a new flagship to promote its business and trade interests around the world, the government said on Saturday, in a move it said would also boost the ailing shipbuilding industry.

Britain said the ship, once built, would host high level trade negotiations and trade shows, and the cost of the project would be confirmed once manufacturing contracts were tendered.

"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," Prime Minister Boris Johnson said.

The government said it would be the first national flagship since HMY (Her Majesty's Yacht) Britannia was decommissioned in 1997.

A flagship to promote global trade has long been advocated by proponents of Brexit, who highlight the possibilities for new free trade agreements now Britain has left the European Union.

© Reuters. Union Jack flag flies above a Unionist mural in Larne, Northern Ireland December 30, 2020. REUTERS/Phil Noble/Files

Critics, however, point to disruption to trade with the EU, Britain's biggest export market, following the country's departure from the EU's orbit at the start of the year. There has also been an impact on intra-UK trade from Great Britain to Northern Ireland.

The government said the name of the ship would be announced in due course. The Sunday Telegraph reported this month it would be named after Queen Elizabeth's late husband Prince Philip.

Latest comments

Should be plenty of cruise ships available at the moment going cheap?
Also requires other parties to travel to a port to meet us on our new boat to do a trade deal. what's the first thing you would do as leader of another country? yep make the UK delegates disembark and get a taxi to my office.
Jesus Christ. our trade strategy now has a dependency on a big new boat that isn't even in tender process. I hope they fly a red flag on it as that's exactly what this strategy deserves.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.