Sir Richard Branson has raised the prospect of planes being made entirely from the so-called wonder material graphene within 10 years, as the airline industry battles a 50pc increase in fuel in the last 12 months, sparking a desperate need for ever lighter fleets.

The Virgin Atlantic president, who founded the airline in 1984, described the super-lightweight material as a 'breakthrough technology', which he said could help revolutionise the airline industry and transform its cost base.

Speaking in Seattle, where the British airline has just begun flying on a daily basis for the first time, Sir Richard said: "Graphene is even lighter [than carbon fibre], many times lighter and many times stronger.