The UK Space Agency, as it is officially named, took off with the help of British astronaut Major Timothy Peake.
But the accent at the launch in London was on the dry realities of economics rather than Dan Dare.
Lord Mandelson was on hand to keep proceedings firmly grounded, despite the Science Minister Lord Drayson confessing that he would ”like to see human beings living on Mars”.
The Business Secretary said: ”I think it is important to remember that although it is cutting edge, this stuff is not sci-fi. It may start in space, but it comes down to Earth very quickly and is directly relevant to all our daily lives.”
Britain’s mini-version of NASA will take overall responsibility for UK space activities, replacing the soon-to-be defunct British National Space Centre (BNSC).