British firms ‘need better planning’

BRITISH businesses have yet to master the art of financial planning, according to new research by accounting firm Ernst & Young.

The firm said the number of companies reporting profit warnings had jumped 39% in the third quarter.

“Businesses should be able to control and forecast their cost base,” said Ernst & Young Corporate Restructuring Partner Keith McGregor. “UK Plc has still yet to grasp the importance of rigorous business planning.”