Engineers say that looking at 2075 and beyond, commercial airplanes will be able to cut the flying time from New York to London to less than an hour, a trip that currently takes 7 hours.

A report from the Institution of Mechanical Engineers (IME) in Britain, said that the aircraft known as "Scramjets" would be able to fly at around 4,000miles per hour- five times the speed of sound.

The IME is pushing the British Government to invest in the domestic aerospace industry so it can lead the world.

"Now is the time for industry and Government to focus on sectors that can help lift the country's economy," said IME chief executive Stephen Tetlow.

Currently, no commercial aircrafts flies at that speed. The fastest commercial airlines were the Supersonic Tu-144 and Concorde but both of them have been removed from service.

According to the site, there is no aircraft that is remarkably outstanding yet experts believe the Boeing 747 is probably the fastest plane in commercial service.

The Boeing 747 has a maximum speed of 600 mph, according to the site.

According to the report, the "Scramjet" planes will also be configured to fly in a V-shaped form, to save energy, similar to the way migrating birds support one another in the air.