Morgan suggested that a 150-passenger transatlantic SST would cost about £75 to £90 million to develop, and be in service in 1970. The smaller 100 passenger short-range version would cost perhaps £50 to £80 million, and be ready for service in 1968. To meet this schedule, development would need to begin in 1960, with production contracts let in 1962.[6] Morgan strongly suggested that the U.S. was already involved in a similar project, and that if the UK failed to respond it would be locked out of an airliner market that he believed would be dominated by SST aircraft.[15][N 3]