From 2024 to 2028, UK government expenditure on R&D in all fields is forecasted to grow steadily from £3.6 billion to £3.91 billion. The year-on-year growth rate ranges from 2.2% to 2.4%, signifying consistent commitment towards R&D investment. In comparison to 2023, the forecasted increase reflects enhanced focus on innovation and development. Over the five-year forecast period, the compound annual growth rate (CAGR) is approximately 2.5%, emphasizing steady growth.
Future trends to watch include potential policy shifts post-Brexit, the impact of global economic conditions on funding, and increased emphasis on technology-driven sectors, which may further influence R&D investments.
