In 2024, the UK's total fossil fuel support, represented as a percentage of tax revenue, begins at 2.14%. This figure sees a minor, consistent increase, reaching 2.17% by 2028. The variation from one year to the next suggests minimal yearly change, indicating stable support levels in the short term. The calculated compound annual growth rate over the last five years reveals a negligible growth trend, underscoring a stable support environment for fossil fuels.
Future trends to watch for:
- Shifts in government policy aiming to reduce fossil fuel reliance.
- Increased advocacy and public pressure around climate change.
- Technological advancements in renewable energy sectors.
- Potential volatility in fossil fuel markets impacting fiscal policies.
