Military expenditure in the UK demonstrated a declining trend from 2013 to 2017, marked by year-on-year contractions averaging around 2-4%. From 2018 to 2022, the trend fluctuated with a notable sharp drop in 2020 by 15.88%, followed by a rebound in 2021 and 2022, reflecting growth rates of 9.12% and 12.04%, respectively. However, 2023 saw a decrease by 4.51%, positioning the expenditure at 5.05 units of General Government Expenditure. The CAGR over the past five years experienced a modest growth at 0.17%.

Forecast data from 2024 to 2028 indicate a stabilized decline, with minor percentage reductions year-over-year. The five-year forecast CAGR suggests a slight contraction at -0.31%, predicting an overall reduction in military spending by 1.56% annually through 2028.

Future trends to watch:

Geopolitical developments and their impacts on defense budgets.
Policy changes or defense reviews influencing expenditure levels.
Technological advancements and their potential to either increase or economize military spending.