THE Navy may be forced to mothball or sell off a £3.5 billion aircraft carrier amid funding issues, senior figures have suggested.
It is feared the HMS Prince of Wales could be sold for a knockdown price as soon as 2028 in what has been branded a "HS2 moment".
It comes after it emerged the UK Government’s Budget next week will not include any significant rise in defence spending.
However, the Navy have denied the claims and said they are "committed" to continuing to operate the aircraft carrier.
A naval source told the Daily Mail selling a carrier 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.
READ MORE: HMS Prince of Wales fails to depart for Nato exercise due to mechanical fault
“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.”
The vessel failed to set sail for a Nato exercise earlier this month after the HMS Queen Elizabeth had to pull out due to a mechanical fault.
The HMS Queen Elizabeth had to head to Rosyth for repairs due to her propeller shaft coupling
Official sources have said while the Navy remains committed to both carriers, “changes in government and budgets” may alter this assessment.
Former defence secretary Penny Mordaunt – who is an MP for Portsmouth North, home to the Navy’s biggest base - held an emergency meeting with Chancellor Jeremy Hunt on Wednesday to address the Budget.
HMS Prince of Wales and HMS Queen Elizabeth – the UK’s two aircraft carriers - cost a combined £7bn and were approved in 2007 by then-prime minister Gordon Brown.
Almost 700 crew are needed to operate one, which is seen by many as a drain on the force at a time of recruitment and retention issues.
Navy sources have described the possible move as the service's “HS2 moment” – by analogy with Rishi Sunak's decision to scrap part of the high-speed rail project between London and the North of England.
A Royal Navy spokesman said: “These claims are categorically incorrect, we are fully committed to operating both HMS Queen Elizabeth and HMS Prince of Wales.'”
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