A new £100million Royal Yacht Britannia would attract “overwhelming support” and will be considered by the Government, Boris Johnson has said.

The Foreign Secretary’s remarks are the first time that a Government minister has backed the campaign for a new ship at the despatch box in the House of Commons.

The positive nature of the comments are a significant move forward in thinking by ministers and come after months of campaigning by Tory MPs and The Daily Telegraph for a replacement for Britannia, which was decommissioned by Tony Blair's Labour Government 20 years ago.

In a debate on the Budget last night, Mr Johnson told MPs: “I believe that measures such as a new royal yacht, it is one of a number of measures that I am sure this Government will be able to consider.

“It is my view that it would indeed add greatly to the soft power of this country, a soft power which is already very considerable.”

The Foreign Secretary made clear that the replacement for the royal yacht would have to be funded by private backers.