The ship, commissioned by ex-PM Boris Johnson, was meant to help promote the UK around the world.
Image source, Downing StreetThe government has shelved plans for a national flagship yacht to promote the UK abroad, the defence secretary has announced.
Ben Wallace told MPs a competition to build the vessel, estimated to cost up to £250m, had been terminated.
It was commissioned by former PM Boris Johnson last year to host trade fairs and diplomatic events.
Mr Wallace said the UK wanted to prioritise ocean surveillance ships instead.
The vessel, which was never given a name, would have succeeded the Royal Yacht Britannia, which was retired in 1997 after 44 years in service.
It was originally meant to cost £150m when first announced, but Mr Wallace last year put the price at between £200m and £250m.