The plan is being developed by an American company that arranges trips to the International Space Station (ISS).

To try to make it happen, Houston-based Axiom and the UK Space Agency have inked a memorandum of understanding.

Although the project is expected to cost at least £200 million, it is intended to be financed through commercial means. UK taxpayers would not make a contribution.

Axiom informed the BBC that talks were already in progress with businesses and organizations that were interested in offering funding.

Tim Peake was the last person from the United Kingdom to enter orbit when he was an astronaut for the European Space Agency (Esa) in 2015.

“This is an exciting opportunity and actually unique,” he said.

“This is the first time a ‘national mission’ has been undertaken commercially. That’s