British aerospace firm Reaction Engines is currently working on a hypersonic aircraft that would herald a new era and bright future for commercial air travel at Mach 5 speeds.

With 50 per cent funding by the European Union, or about US$14 million, this project, if successfully launched, could slash travel times drastically, so a flight from Brussels to Sydney would take only about a little over four hours.

Codenamed the LAPCAT, short for Long-term Advanced Propulsion Concepts and Technologies, Reaction Engines has designed an A2 configuration jet with a seating capacity for 300 passengers that makes use of its in-house Scimitar engine which runs on liquid hydrogen.

Not only is this jet environmentally friendly, it is easy on your pocket as well, as the company expects average ticket prices to be comparable to the price of a Business class ticket today.