The UK’s total government support for R&D, encompassing GBARD and tax credits, was [Value] in 2023. Forecasts indicate a consistent year-on-year increase from 2024 to 2028, with values rising from $29.89 billion in 2024 to $33.57 billion in 2028, in terms of US Dollars PPP, Constant. This represents a stable upward trend characterized by an average compound annual growth rate (CAGR) over the five-year period, which underscores the UK’s commitment to bolstering R&D funding.
Future trends to watch for include:
- Potential policy changes influencing R&D tax credits
- The impact of economic factors on government budgeting for R&D
- Growth in private sector collaboration and investment in R&D
