The forecast across 2024 to 2028 indicates a constant tax expenditure on petroleum for fossil fuel production in the UK at 0.13% of GDP annually. This represents no year-on-year variation from 2023 through 2028, as the values have remained stable since the last actual data in 2023. Over these five years, the compound annual growth rate (CAGR) is zero, reflecting this stability. Hence, no intrinsic rise or fall in tax expenditure as a proportion of GDP is expected according to the current predictions.
Future trends to monitor include potential shifts in energy policy, such as increased focus on renewable energy or changes in fossil fuel taxation in response to climate goals and political pressures. These factors could impact forecasts and future expenditures.
