Ministers may back new royal yacht

DOWNING Street has confirmed it has been approached with proposals for a new privately funded royal yacht to mark the Queen’s diamond jubilee this year.

Prime Minister David Cameron has ruled out using taxpayers’ money to fund a yacht, saying it would not be “appropriate” in the current economic circumstances.

But his spokesman said the PM would probably “react favourably” to requests for government support for an initiative to raise private money to pay for a vessel to commemorate the jubilee.

Mr Cameron is understood to have received letters from universities minister David Willetts and Education Secretary Michael Gove backing a proposal from retired rear-admiral David Bawtree.