In 2023, UK government expenditure on R&D in natural sciences and engineering stood at approximately 1.57 billion pounds sterling. From 2024 to 2028, forecasts indicate a steady year-on-year increase in spending, averaging growth rates between 0.6% to 1.25% annually. The average compound annual growth rate (CAGR) over this period is projected to be approximately 0.95%.
Future trends to watch for:
- Potential shifts in government policy affecting R&D budgets.
- Impacts of global economic conditions on budget allocations.
- Technological advancements and their influence on funding priorities.
- Increased emphasis on sustainable and green technology research.
