No public funding for new U.K. royal yacht

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What do you get for a monarch who has almost everything? Not, apparently, a new yacht, at least not one paid for with taxpayer funds.

That was the message Monday as a brief boomlet of support for the idea of providing Queen Elizabeth II with a new royal yacht to mark her Diamond Jubilee was quickly deflated by Prime Minister David Cameron.

It is estimated that a new yacht would cost at least $92 million.

Cameron's spokesman Steve Field said it would not be appropriate for public funds to be spent on a new yacht during times of economic hardship. But he said the government would be supportive of private efforts to provide a new ship for the queen.

He acknowledged that ministers have been approached about plans to raise donations for a privately funded vessel and that the government "would react favorably" to a firm plan.

"There are a number of proposals out there for a privately financed yacht," Field said.

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