The national flagship plan was sunk by Rishi Sunak's administration as funding is prioritised on measures designed to bolster protection against Russia.
The plan was championed by Boris Johnson when he was Prime Minister, but was dismissed as a "vanity project" by critics.
Defence Secretary Ben Wallace told MPs he was prioritising the procurement of the multi-role ocean surveillance (MROS) ship instead of the flagship.
"In the face of the Russian illegal and unprovoked invasion of Ukraine and (Vladimir) Putin's reckless disregard of international arrangements designed to keep world order, it is right that we prioritise delivering capabilities which safeguard our national infrastructure," he said.
That meant he had "also directed the termination of the national flagship competition with immediate effect to bring forward the first MROSS ship in its place".
Shadow defence secretary John Healey welcomed the news that the "previous Prime Minister's vanity project" has been scrapped.

Plans for new 'flagship' axed in cash squeeze

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 8,500+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.