Liz Truss calls on companies to help pay for the Royal Yacht brand's £250million 'vanity project'

Foreign minister, vying to become next prime minister, also says she regrets comments she made as a teenager in which she called for the abolition of the monarchy< /p> Liz Truss has backed the replacement of the royal yacht, but says she would ask companies to help pay for it (

Image: Reuters)

Liz Truss said today that she will continue with plans to replace the Royal Yacht, but will try to seek corporate funding.

The foreign minister, vying to become the next prime minister, also said she regretted comments she made as a teenager in which she called for the monarchy to be abolished.

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The new royal yacht - which backers say will be a 'floating embassy' promoting British interests around the world - could cost up to £250million.

Opponents called it a "vain project" and called for it to be scrapped.

The Conservative leadership candidate told reporters in Peterborough: 'I support the idea of ​​promoting our trade around the world.

"What I would look for is to invest in a yacht, looking to the private sector to help make it financially viable."

It is estimated that a new royal yacht could cost between £200m and £250m (

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Ms. Truss did not specify how much of the project would be publicly funded.

She added: "Global Britain is a very effective and successful brand and I am proud of the role I played as Trade Secretary and Foreign Secretary as a leader on the world stage. "

It comes after a video surfaced showing her as a 19-year-old calling for the royal family to be abolished.

Speaking at a Lib Dem conference in 1994, the 19-year-old, who led the Liberal Democrat group at Oxford University before changing political colors, said she was agreement with Paddy Ashdown, the former Lib Dem leader, who said the institution should be dissolved.

Ms. Truss told the rally...