Cameron gets on board "inspirational" royal yacht plan David Cameron has dipped his toe into perilous political waters after it emerged that he has given his backing to what he describes as a "truly inspirational initiative" to build a new royal yacht to mark the Queen's diamond jubilee. Mr Cameron has refused to commit any public money to the plan to build an £80m ship - which would also serve as a 600ft floating venue for trade promotions - but Downing Street says he welcomes discussions on the idea. Backers of the project say they hope FTSE 100 companies will pay for the gift from the nation, which is billed by Michael Gove, the strongly monarchist education secretary, as an "excellent" way of thanking the Queen "for her long and untiring service to this country." In spite of Mr Cameron's refusal to buy the Queen a yacht at a time when he is cutting welfare benefits, previous occupants of 10 Downing Street can testify that the politics can become choppy where royal vessels are concerned. Tony Blair's government decommissioned the last royal yacht - Britannia - in 1997, after Gordon Brown, former Labour chancellor, decreed she was too expensive to replace. Mr Blair later lamented that it was "such a mistake." The Queen wept when she bade farewell to the vessel. But Mr Cameron's scepticism about paying for a replacement may be borne out by comments by Charlie Whelan, Mr Brown's former spin doctor, who recounted in 2004: "I learnt how deeply Blair feels about the royals when I leaked Gordon Brown's intention to scrap the royal yacht. Blair went bonkers - until The Sun revealed that 80 per cent of the public agreed with the idea. The idea of buying a new royal yacht during an economic slump was mocked on Monday by Nick Clegg, deputy prime minister, as a question of "yachts and have yachts." Rear Admiral David Bawtree, the retired naval officer leading the campaign said a number of FTSE 100 companies had indicated they would be willing to fund it, but they wanted to see that the government would not stand in its way before pledging an actual investment. The prime minister gave his support to the admiral in a letter last October, but a big stumbling block could be on the question of who pays for the upkeep, security and crew on the ship. Asked whether the government would foot the bill, Downing St appeared reluctant: "The point on public money remains." But Rear Admiral Bawtree said: "I think it is a great opportunity for the nation to have something of which they can be really proud and really proud for the next 100 years." Buckingham Palace declined to comment on whether the Queen supported the scheme.