When the Coalition came to power, the Queen Elizabeth class carriers were already £1.6 billion over budget. As part of an overall package of measures taken in the Strategic Defence and Security Review, this Government has reduced overall spending on the Carrier Strike Programme by £4.4 billion over the next ten years.
The NAO and the Public Accounts Committee have both acknowledged that our decision to build a second aircraft carrier makes financial sense. Converting one of the Queen Elizabeth Class aircraft carriers to operate the more capable Carrier Variant of the Joint Strike Fighter fast jet from 2020 will maximise our military capability and enhance interoperability with our allies. Operating the more cost effective Carrier Variant fast jet will, in the long-term, offset the conversion costs and provide us with aircraft that have a longer range and carry a greater payload.
Until our new carrier capability comes into service, we can utilise our extensive basing and over-flight rights to project decisive air power, as we showed during the Libya campaign.