The forecast for labour costs in high- and medium-high R&D intensive activities in the UK shows an increase from 2024 to 2028, with values rising steadily from £126.37 billion to £136.3 billion. In 2023, the figure was £123.8 billion, indicating a consistent upward trend.
Year-on-year growth rates reveal an upward trend, with projected increases of 2.03% in 2024, 2.03% in 2025, 1.95% in 2026, 1.86% in 2027, and 1.79% in 2028. The compound annual growth rate (CAGR) for the forecasted period from 2024 to 2028 stands at approximately 1.93%, suggesting a stable growth trajectory for labour costs.
Future trends to watch include potential shifts in government policies, economic conditions impacting R&D expenditures, and technological advancements that may influence labour demand and costs in the sector. Additionally, monitoring global economic variables and their impact on UK R&D activities will be critical.
