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Last Updated: Friday December 11 2009 18:43 GMT

UK to have its own space agency

International Space Station

Britain is hoping to blast ahead in the space race by developing its own agency to fund and develop space projects.

A competition will be held later to come up with a name and logo for the organisation.

The man in charge of the project said it could speed up "great ideas", such as a UK launch site to take tourists into space.

At the moment Britain is part of the European Space Agency, and spends £270m a year on space projects.

Experts hope the new agency will mean Britain has more control over where and how that money is spent.