Jeff Foust posts an article on the UK astronaut awards ceremony at the British Interplanetary Society:

• The past and future of British human spaceflight -- The Space Review

These comments by Richard Garriott are particularly telling:-

Garriott added that, despite a long neglect of human spaceflight, the UK is not necessarily in a bad position vis-à-vis other nations. “While I believe that the UK has missed out on an era, I still believe that you’re not in a very bad position today to step back in,” he said, noting the relative lack of progress in human spaceflight in recent decades. “There’s a moment in history that’s coming right now that includes both government space as well as private space where I think the science and technology leadership that the UK has had… still leaves the UK in quite a strong position if there is the political will to decide to double-down, so to speak, on a human spaceflight program.”

Later, when asked whether the UK should pursue a human spaceflight effort with ESA or, like Canada and Japan, work more closely with NASA, Garriott offered a third option. “My honest advice might be, go build your own,” he said. “Private industry can move faster, move more safely, and most importantly, move more cost effectively.”

“Where we’re at today, I believe the rules have really changed,” he continued. Advances in computers, materials, and other technology have made it possible for private ventures to develop space systems for a fraction of the cost of government programs. “I am very bullish that the next 10 or 20 years are going to demonstrate that the cost of human access to space is going to radically drop.”