Rule Britannia! Britannia rule the waves.
Britons never, never, never shall be slaves.
I always thought the first line was "rue" as well.
My post was not a mistake. Rue, as in regret bitterly, feel sorrow over. Consider the context. No aircraft carriers, the British navy a shadow of its former self. Nope, time to refresh the lyrics. Britannia rues the waves.