The future of Britain’s second aircraft carrier is under threat due to funding issues, naval sources have claimed.

Senior figures have spoken out after it emerged next week’s Budget will not include any significant rise in defence spending.

They fear HMS Prince of Wales, which cost £3.5billion to build, could be mothballed or sold for a knockdown price to a friendly nation, over the fleet’s flagship HMS Queen Elizabeth.

The possible move – branded an ‘HS2 moment’ for the Royal Navy – would probably be divisive.

But the decision could be forced upon commanders as soon as 2028 if the state of defence finances does not improve. 

The future of Britain’s second aircraft carrier is under threat due to funding issues, naval sources have claimed

Senior figures fear HMS Prince of Wales (pictured) could be mothballed or sold for a knockdown price to a friendly nation, over the fleet’s flagship HMS Queen Elizabeth

Last night a naval source told the Mail the nightmare scenario of selling a carrier to spare funds had been discussed by members of the Maritime Enterprise Planning Group, which looks at future considerations and strategies.

He said: ‘There’s an awareness in the group that the Navy is struggling to maintain operational commitments and has to expand the fleet as rapidly as possible.

‘The second carrier is an asset that is held in reserve and is a very expensive piece of rarely-used equipment. So if we want to address balance sheet issues, disposing of her or sharing her with say an AUKUS [Australia, UK and US] ally, is an option.’

Last night, official sources said while the Navy remained committed to both carriers, ‘changes in government and budgets’ may alter this assessment. Ministers have told top brass they must ‘spend better’ to convince the Treasury to increase investment.

Former defence secretary Penny Mordaunt held an emergency meeting with Jeremy Hunt yesterday to address the Budget.

Ms Mordaunt, MP for Portsmouth North – home to the Royal Navy’s biggest base – wrote online: ‘Met the Chancellor to reiterate what Portsmouth’s families and businesses need to hear in the Budget. Our first duty is to protect our nation and its interests.’

An official source said while the Navy remained committed to both carriers, ‘changes in government and budgets’ may alter this assessment (Pictured: The HMS Prince of Wales)

One source told the Mail that the second carrier is an asset that is held in reserve and is a very expensive piece of rarely-used equipment (Pictured: The HMS Prince of Wales)

As part of spending cuts, one of the carriers was almost scrapped even before it set sail (Pictured: The HMS Prince of Wales)

Another former defence secretary, Ben Wallace, told the Mail the UK had effectively been ‘lying’ to Nato for the last 20 years over its capabilities. 

Retired Royal Navy Commander Tom Sharpe said: ‘If I was a carrier-sceptic, and there are plenty, I would be gunning for one of them right now.

‘It does not help their cause that when a near-perfect opportunity to use a carrier presented itself in the Red Sea, we didn’t take it for political reasons.

‘We must recognise the threat to the second carrier, that is the unpleasant reality; the nuclear deterrent is the UK’s only ring-fenced capability.’

The carriers were approved in 2007 by then prime minister Gordon Brown. As part of spending cuts, one of the carriers was almost scrapped even before it set sail. But ministers found out axing it would be more expensive.

HMS Prince of Wales and HMS Queen Elizabeth cost a combined £7billion. Today it is widely accepted the UK will not be able to adequately defend or operate them independently.

Former defence secretary Penny Mordaunt held an emergency meeting with Jeremy Hunt yesterday to address the Budget

Former defence secretary, Ben Wallace, told the Mail the UK had effectively been ‘lying’ to Nato for the last 20 years over its capabilities

The service only has one solid stores ship, the RFA Fort Victoria, to support the carriers and she is due to be retired in 2028.

The 65,000-ton behemoths and their strike groups have previously relied on protection from allies including the Netherlands and the US. Almost 700 crew are needed to operate one – a drain on the force at a time of recruitment and retention issues.

Navy sources have described the possible move as the service’s ‘HS2 moment’ – by analogy with Rishi Sunak’s decision to scrap part of the high-speed rail project between London and the North.

Last night, Mr Wallace said: ‘For the last 20 years the UK’s Armed Forces have not been able to deliver to Nato what they have claimed.

‘Either we fund the Armed Forces properly or future prime ministers need to admit to the public that they want Britain to be a follower not a leader on the world stage.’

A Royal Navy spokesman said: ‘These claims are categorically incorrect, we are fully committed to operating both HMS Queen Elizabeth and HMS Prince of Wales.’

Meanwhile, Britain’s most senior officer, Admiral Sir Tony Radakin, 58, has postponed his retirement to continue advising Ukrainian president Volodymyr Zelensky. The Chief of the Defence Staff had been due to retire in November 2024.