In 2023, the UK's government budget allocation for R&D stood at $23.25 billion USD PPP. Over the next five years, this allocation is forecasted to rise annually, reaching $28.82 billion USD PPP by 2028. Year-on-year growth rates suggest a steady increase, with each year experiencing a 4-5% rise. Over the five-year period, the compound annual growth rate (CAGR) is approximately 4.3%, indicating a consistent commitment to enhancing R&D funding.
Future trends to monitor include potential shifts in priority sectors for R&D investment, impacts of emerging technologies, and any geopolitical changes influencing R&D budgeting strategies.
