SIGHTING REPORT UFO sighting at Loughborough, UK

A round, red/orange light. When first passing over it was like a plane or satelite, but seemed a little to big and much too fast for either, and was making no noise.

It passed overhead heading from South to North, fading and disapearing almost directly above, as if the lights was from the front. It was making no noise and was travelling at a speed far higher than would be expected of a plane at altitude (this location is under a busy airway so I am very familiar with what planes passing overhead look like), yet at low height would have been clearly heard. A short while later it rose up from the ground in the distance almost vertically at some speed (I thought at first it was a firework, being bonfire night), before arching to pretty much level and heading off into the distance, gradually getting smaller until it disapeared slightly west of north from my location.

I am quite a sceptic, and the first sighting of it passing over I was prepared to dismiss it as a plane or satelite, but the second time I saw it I could not come up with any rational explanation.