Mark Otty, the UK chairman of Ernst & Young, has predicted that by the end of the decade the firm is likely to employ more staff in its rapidly growing Indian business than it does in the UK.

Otty, who recently took over from Nick Land, said the firm was not planning to emulate KPMG and Deloitte, who recently merged with their German and Swiss arms respectively.

Instead, Ernst & Young would fosted closer ties within the seven divisions of its gloabl business. This would see the UK firm work with firms in Northern Europe, the Middle East, India and Africa.

Otty was speaking as Ernst & Young announced its results for the year to the end of June 2006. Revenues at Ernst & Young increased by 20% to £1.13bn. Average profit per partner climbed by 27% to £686,000.

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