Building the HMS Queen Elizabeth and HMS Prince of Wales, will provide work for 4,600 employees at Govan in Glasgow and Rosyth in Fife and hundreds more in Wales.
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The 65,000-tonne ships will each be 280 metres long and capable of carrying up to 40 planes. They will include Phalanx close-in weapon systems; 30mm and mini-guns.
Defence Secretary Des Browne said the signing of the contracts, marked a "historic day for everyone in defence."
"The two aircraft carriers will provide our forces with the world-class capabilities they will need over the coming decades," he said.
The ships are due in service in 2014 and 2016.
(GK/JM)
