Could private money fund a Jubilee yacht?

A suggestion by Education Secretary Michael Gove that the Queen should be given a new royal yacht to mark her Diamond Jubilee has been rejected by Downing Street.

The cabinet minister made the proposal in a letter to Culture Secretary Jeremy Hunt, which was obtained by the Guardian. But a spokesman for the prime minister said it would not be "appropriate to use public money at this time".

But could money from private donors be found to fund a new royal vessel? Iain Watson reports.