THE future of Nelson's flagship HMS Victory as a commissioned warship was secured in a range of measures to protect the Royal Navy's heritage announced today.

Baroness Taylor, the under secretary of state and minister for international defence and security, along with the First Sea Lord Admiral Sir Mark Stanhope confirmed that the ship will remain as a living museum at Portsmouth's Historic Dockyard.

They also announced that a wreck found in the English Channel earlier this year is that of the former HMS Victory, which sank in 1744, and said a consultation would be launched on how to approach the discovery.

A third announcement was the launch of the National Museum of the Royal Navy (NMRM), an umbrella organisation to support the four existing naval service museums in Portsmouth.

A review was carried out into the role of HMS Victory in July 2008 to consider various options for the ship, which receives 350,000 visitors a year, including the possibility of setting up an independent charitable trust.

Baroness Taylor said: ''When we initiated a study into how best to sustain the ship in the future, there was some wild speculation that we were planning to sell off the ship.

''I am happy to reassure you all that HMS Victory will remain a commissioned warship and the flagship of the Second Sea Lord.''

Sir Mark added: ''Standing here in the shadows of HMS Victory and her modern equivalent HMS Daring, it is impossible not to feel the hand of history.

''Just over 200 years since the Battle of Trafalgar, it is astonishing to consider how far warships have developed in terms of capability and global reach.''

On the discovery of the wreck of the previous HMS Victory, Baroness Taylor said: ''Following a Royal Navy vessel's survey of the site in July, we will be releasing a detailed analysis of the wreck site.

''Due to the unique importance of this wreck for naval heritage, the Ministry of Defence and Department of Culture, Media and Sport will jointly be engaging in a process of consultation on the approaches that should be adopted for this wreck.''

On February 2, 2009, the US deep-sea exploration company Odyssey Marine Exploration announced that it had discovered the wreck in the English Channel.

This HMS Victory was a 100 gun first rate ship launched in 1738 and was the flagship of Admiral Sir John Balchin when he led a force to relieve a French blockade of the River Tagus in Portugal where a British convoy with stores for Gibraltar was incarcerated.

After a successful mission, HMS Victory became separated from the rest of the fleet in a storm and, along with its crew of more than 1,000, was never seen again.

The wreck remains the property of the Crown and cannot be disturbed without the consent of the Government and the Royal Navy.

Speaking of the NMRM, Sir Mark said: ''The bringing together of the museums will allow all of us to understand better our cultural identity as an island nation - one with a seafaring tradition dependent on maritime trade and the freedom of the seas.

''It creates a single focus for the preservation and showcasing of our naval heritage and better illustrates how closely linked are the fortunes of the navy and the nation it serves.''