In 2023, the UK government expenditure on R&D economic affairs stood at approximately 18.37 billion US dollars PPP. The forecast from 2024 to 2028 suggests a consistent increase, with the yearly expenditure rising from 18.9 billion in 2024 to 21.04 billion by 2028. Notably, the year-on-year increase averages about 2.9%, translating to a compound annual growth rate (CAGR) of around 3.4% over the five-year period from 2024 to 2028.
Future trends to watch for:
- Potential shifts in government policy prioritizing R&D could further accelerate spending.
- Economic factors such as inflation and fiscal policy changes might impact real-term expenditure growth.
- Emphasis on emerging technologies and sustainable practices may influence allocation within the R&D budget.
