950816

City of London

seeks funds for

new royal yacht

LONDON: The Corporation of the City of London has launched an appeal for funds to find a replacement for the Royal Yacht Britannia, which is due to be decommissioned in 1997.

The City sees the decommissioning of the Britannia as the loss of a powerful marketing tool for British overseas business interests.

The cash-strapped British government has not committed itself to paying for a replacement for the yacht and is known to be interested in private sector involvement.

"I've seen how effective it (the Britannia) is overseas when it's moored in Hong Kong, Istanbul or New York," Michael Cassidy, head of the Corporation said Tuesday. The Corporation is the local government of London's financial Square Mile. The Britannia is "a unique tool," Cassidy added.

The hardheaded financiers of the London financial district earlier this year considered creating a consortium to buy the aging yacht but dropped the idea in favour of buying a new vessel at a estimated cost of more than 50 million pounds (80 million dollars).

Used by Queen Elizabeth II for holidays and royal cruises, the Britannia is utilized several times a year to host foreign business leaders for seminars aimed at promoting British business interests and trade.-AFP