George Osborne 'wants control of £40bn Trident project'

George Osborne has delivered a Trident "ultimatum" to David Cameron over who should be in charge of the £40 billion project to build Britain's new submarines, according to reports.

Mr Osborne has apparently told the Prime Minister he will sign off on the money to build four new boats.

However, he will only do so if the project is taken out of the hands of the Ministry of Defence, according to The Times.

The Chancellor reportedly wants a new body, reporting to the Treasury, to be put in charge.

The new body would be tasked with making sure the UK's new submarines are delivered in a timely fashion.