Cornwall is set to host Europe’s first spaceport, where sub-orbital flights taking minutes instead of hours will depart.
And the move could mean flight times between the UK and Australia could take just 90 minutes instead of the current time of 22 hours.
The UK Space Agency has confirmed it is drafting regulations to allow sub-orbital flights from a site in Newquay, Devon Live reports.
The trips will allow passengers to experience weightlessness and view the curvature of the planet.
The move comes after the Government agreed to launch satellites from our soil and a deal was signed with Virgin Orbit to start building horizontal launch sites.
A spaceport is also planned in the Highlands and Virgin Galactic is likely to operate tourist flights.
Sir Richard Branson’s company plans horizontal launches while rivals intend to take tourists to space by rocket.
British astronaut Tim Peake, 47, said it is “incredibly important” for us to lead the way in space tourism.
He said: “For Britain to be the first spaceport in Europe to be able to offer that service because we have the legislation in place, because we’ve sorted out our infrastructure, that will be huge.”
He added: “It’s a very exciting time right now. Space tourism can come under some criticism as a sport for the rich but that’s how a lot of things start, that’s how aviation started.
“What might be perceived as an expensive folly today actually can in future become a very efficient means of transportation.
"If you extend Virgin Galactic’s principle and improve vehicles, you could do London to Sydney in 90 minutes.”
UK Space Agency’s Andrew Kuh said: “The Space Industry Act 2018 has already put in place the legal framework.
"We’re hoping to have the right regulations in place so that we could launch from Britain.”
