British business is ill prepared for an economic downturn, according to a new report.

The report, from management consultant Hays Group, found that 51% of business leaders admit they have the wrong strategy in place for current economic conditions.

Over a quarter (26%) have made no changes whatsoever in strategy, while of the 18% of companies that have developed a new strategy, 46% think that their company will be too slow to implement it.

Russell Hobby, associate director at Hays Group, said: “Business leaders need to be finely tuned to a constantly changing environment during downturn, and ready to react accordingly. Conditions can change overnight; clues and signs about customer behaviour are found in the strangest places.”