Replacement for ageing Trident submarines moves closer as BAE gets funding for advance work on new vessels
A replacement for Britain’s ageing Vanguard-class nuclear missile submarines has come a step closer after the Ministry of Defence awarded £201m to BAE Systems to develop the so-called “Successor” vessels.
The funding will allow the FTSE 100-listed arms business to develop the design of the new submarines, including the layout and systems, and build early prototypes. The move comes despite the massive project having yet to get formal approval in Parliament. The project to upgrade Britain’s nuclear submarine deterrant is estimated to cost £31bn, with a £10bn contingency fund to pay for any unexpected costs.