In 2021, UK Defense Secretary Ben Wallace said that his ministry would commission the construction of the new national flagship, which would cost up to 250 million pounds ($290 million).
The vessel was expected to become the "jewel in the crown" of the national shipbuilding strategy and a "floating embassy" to promote the UK's diplomatic and trading interests in coastal capitals around the world.
"The national flagship… will not be going ahead any time soon. The Prime Minister's team have identified it as non-essential and therefore it is off the list in order to make savings," the source told the newspaper.
Over the past months, the sanctions imposed by the West on Russia in retaliation for its military operation in Ukraine sent energy prices soaring and triggered record-high inflation in some countries. In the UK, the rising cost of living hit millions of households, sparking nationwide discontent and pushing several major unions to strike.
In addition, the UK has experienced political turmoil, losing two prime ministers and facing dozens of resignations in the government within the last four months.