In 1969, Laker Airways announced its intention to buy the proposed BAC Three-Eleven, an all-British widebodied jet powered by two rear-mounted Rolls-Royce RB211 engines. The airline's letter of intent was for four aircraft to be delivered in 1974. It was anticipated that these 250-seaters would replace the entire narrow-bodied fleet, which was envisaged to comprise two 158-seat Boeing 707s and four 84-seat BAC One-Elevens by that time. Following the project's cancellation in 1971 due to a lack of Government funding, Laker remarked that this would force him to spend the £3 billion he had planned to invest by 1986 in a fleet of British-built widebodied airliners (including options) on competing foreign models.