Jeremy Hunt has become the latest Cabinet minister to back a campaign for a new privately funded Royal Yacht Britannia to help Britain win trade deals after Brexit.

The Foreign Secretary has made it clear that, while he would not want to see public funds used to built a yacht, he supports a new royal vessel paid for by private subscription.

Scores of MPs including Cabinet ministers such as Liam Fox and Michael Gove have already backed a Telegraph campaign for a new royal yacht which could act as a catalyst for inward investment deals after Britain leaves the European Union in March.

The ship - which often hosted "trade days" when captains of industry were encouraged to invest in the UK - is estimated to have helped secure £3 billion of trade deals between 1991 and 1995.

Mr Hunt told guests at a reception in Whitehall this month: "I think we need expressions of national confidence."

A source close to Mr Hunt, who is one of the frontrunners to replace Theresa May as Tory leader, said that "if private donors came along" he would "welcome" a new yacht.

A spokesman for Mr Hunt said: “‘We have no plans to support a new Royal Yacht ourselves’."

Tobias Ellwood, a senior defence minister, added his voice to the calls saying supported "a more versatile vessel, equally adept at hosting royal engagements, Foreign Office outreach, trade delegations and humanitarian support" which would be "an effective asset in showcasing UK’s global interests and international engagement".

In an interview today with The Sunday Telegraph, Gavin Williamson, the defence secretary, avoids committing to public money on a new royal yacht saying that he has "a flagship for the Royal Navy - she is called HMS Queen Elizabeth.

A replacement for HMY Britannia - which is now a visitor attraction berthed in Edinburgh - was first proposed by John Major's Government months before the 1997 election before being dropped by Tony Blair's Government in October of that year.

This was despite a secret naval design for a £100million replacement for Britannia being drawn up by naval staff at the time and approved by representatives of the royal family.

Tory MP Craig Mackinlay welcomed Mr Hunt's support for a new yacht. He said: “We need to consider how Britain projects herself on the world stage, with a WTO Brexit particularly allowing the UK to negotiate new international trade deals in the shortest time."

Commodore Tony Morrow, the last captain of the yacht, added: “I have no doubt that such a ship in service for the UK would be a huge benefit to our maritime nation heading towards an exciting future.”