Britain's cash-strapped Navy 'may be forced to sell off its £3.5 billion aircraft carrier the HMS Prince of Wales' amid funding issues
By Mark Nicol Defence Editor22:37 GMT 28 Feb 2024 , updated 23:24 GMT 28 Feb 2024
The future of Britain's second aircraft carrier is under threat due to funding issues, naval sources have claimed.
Senior figures have spoken out after it emerged next week's Budget will not include any significant rise in defence spending.
They fear HMS Prince of Wales, which cost £3.5billion to build, could be mothballed or sold for a knockdown price to a friendly nation, over the fleet's flagship HMS Queen Elizabeth.
The possible move – branded an 'HS2 moment' for the Royal Navy – would probably be divisive.
But the decision could be forced upon commanders as soon as 2028 if the state of defence finances does not improve.
Last night a naval source told the Mail the nightmare scenario of selling a carrier to spare funds had been discussed by members of the Maritime Enterprise Planning Group, which looks at future considerations and strategies.
He said: 'There's an awareness in the group that the Navy is struggling to maintain operational commitments and has to expand the fleet as rapidly as possible.
'The second carrier is an asset that is held in reserve and is a very expensive piece of rarely-used equipment. So if we want to address balance sheet issues, disposing of her or sharing her with say an AUKUS [Australia, UK and US] ally, is an option.'
Last night, official sources said while the Navy remained committed to both carriers, 'changes in government and budgets' may alter this assessment. Ministers have told top brass they must 'spend better' to convince the Treasury to increase investment.
Former defence secretary Penny Mordaunt held an emergency meeting with Jeremy Hunt yesterday to address the Budget.
Ms Mordaunt, MP for Portsmouth North – home to the Royal Navy's biggest base – wrote online: 'Met the Chancellor to reiterate what Portsmouth's families and businesses need to hear in the Budget. Our first duty is to protect our nation and its interests.'
Another former defence secretary, Ben Wallace, told the Mail the UK had effectively been 'lying' to Nato for the last 20 years over its capabilities.
Retired Royal Navy Commander Tom Sharpe said: 'If I was a carrier-sceptic, and there are plenty, I would be gunning for one of them right now.
'It does not help their cause that when a near-perfect opportunity to use a carrier presented itself in the Red Sea, we didn't take it for political reasons.
'We must recognise the threat to the second carrier, that is the unpleasant reality; the nuclear deterrent is the UK's only ring-fenced capability.'
The carriers were approved in 2007 by then prime minister Gordon Brown. As part of spending cuts, one of the carriers was almost scrapped even before it set sail. But ministers found out axing it would be more expensive.
HMS Prince of Wales and HMS Queen Elizabeth cost a combined £7billion. Today it is widely accepted the UK will not be able to adequately defend or operate them independently.
