The Ministry of Defence has dropped its 2012 target date for the launch of the first of two multi-billion pound aircraft carriers, raising questions about the UK's capability to maintain an overseas air power over the next 10 years. Lord Drayson, the defence procurement minister, yesterday told MPs on the defence committee that he would not set a date for the launch until final contracts had been signed for the shipbuilding work.

The 60,000-tonne carriers will be the biggest warships built in Britain, with an estimated cost of at least £3.5bn. The final investment decision - known as "main gate" - for the carriers was scheduled originally for December 2003 but has been pushed back repeatedly by the MoD's attempts to restructure its agreements.