Private travel firm Starchaser – based in Greater Manchester – claims to offer flights 10 times cheaper than Musk’s Space X and a more immersive experience than Branson’s Virgin Galactic.

Starchaser is hoping to make its first manned launch in 2020 if it is able to raise £10 million – and it’s already halfway to its target.

The company is also aiming to put tourists into space by 2022, with flights costing £100k.

Starchaser – which has rocket test sites in New Mexico and Northumberland – is initially looking at a three person capsule.

Managing director Steve Bennett told Daily Star Online: “Our approach to getting people into space is different to our competitors. Richard Branson is looking at using a space plane but it’s already proven that’s dangerous, they’ve killed people.

“Our system’s a lot simpler, Elon Musk and Space X are much more advanced but they’re looking at orbital stuff. We’re looking at sub-orbit which is a lot easier to do and there is still a hell of a market.”

The high-tech firm unleashed a 27ft reusable research rocket in September in a successful test.

Although designed to fly more than 100km to the edge of space, the maximum altitude for the first flight was limited to 4,000 feet to ensure a safe landing.

It was the first successful British rocket test for 46 years.

The space capsule itself will be fired 100km into the atmosphere and then come back to Earth again.

The company already has a waiting list of 500 people, and two keen travellers have reserved seats at £250,000 a pop on its maiden voyage.

Mr Bennett added: “Branson’s looking at sub-orbital flight as well, he’s our closest rival but they’ve got a space plane which is vertical take off and vertical landing.

“Ours is conventional, you go up in space suit in a space capsule and you’re brought up like Neil Armstrong.”

Branson, 67, has been working to provide commercial space flights for years.

He recently said: “I would be very disappointed if I haven’t been into space within six months or so.”

The even more ambitious billionaire Musk, 46, plans to start a one-million person Mars colony next year.

He plans to send a rocket to Mars in 2022, people there in 2024 and build a refuelling base so rockets can fly back to Earth.

Musk then wants to start farms on Mars and “make it really a nice place to be”.