Richard Branson's new jet will only take three hours from London to New York

Famed billionaire Richard Branson on Tuesday unveiled a prototype supersonic jet that promises three-and-a-half-hour flights from London to New York for an “affordable” fare.

The billionaire founder of Virgin Group said his Spaceship company would help Denver-based startup Boom build a new generation of supersonic jets and reintroduce transatlantic flight times unseen since Concorde was scrapped, the Guardian reported.

The jet would result in rebirth of supersonic passenger flights promising 3.5-hour journey from London to New York for an 'affordable' $5,000 return.

"I have long been passionate about aerospace innovation and the development of high-speed commercial flights," Branson said.

"As an innovator in the space, Virgin Galactic’s decision to work with Boom was an easy one. We’re excited to have an option on Boom’s first 10 airframes," he said. "Through Virgin Galactic’s manufacturing arm, the Spaceship Company, we will provide engineering and manufacturing services, along with flight test support and operations as part of our shared ambitions."

The test flights would begin in southern California, with plans to launch the first commercial departures in 2023.

"If the plans stick to schedule, Boom flights will launch 20 years after British Airways and Air France decommissioned Concorde - a British-French turbojet-powered supersonic passenger jet airliner" said Blake Scholl, the founder and CEO of Boom, and a certified pilot. "Boom would succeed where Concorde failed because developments in technology and lighter materials meant tickets would be much cheaper."

"Sixty years after the dawn of the jet age, we’re still flying at 1960s speeds," he said.

Scholl said Concorde’s designers didn’t have the technology for affordable supersonic travel, but now they do. "Today, we’re proud to unveil our first aircraft as we look forward to our first flight late next year."

The Boom CEO said tickets would cost "about the same as tickets in business class."