The Gross Value Added (GVA) for Scientific Research and Development in the UK is projected to grow from £19.4 billion in 2024 to £20.67 billion by 2028. This represents a steady annual growth, with year-on-year increases ranging from approximately 1.65% to 1.9%. The compound annual growth rate (CAGR) over this five-year period is estimated to be around 1.6%. In contrast, in 2023, the GVA was documented at £19.1 billion, marking a continuation of an upward trajectory into the forecasted years.
Future trends to watch for include:
- Increased investment in technological innovation, particularly in sectors like AI and biotechnology.
- Potential impacts of Brexit on research funding and international collaborations.
- Government policies aimed at boosting scientific research and development spending for sustainable growth.
