STORY:
Britain's business not well prepared for Y2K

London's Financial Times is reporting many large companies are still unprepared for the affects of the so-called Millennium Bug. The report attributes it's findings to a survey by Year 2000 legal specialists Dibb Lupton Alsop with Taskforce 2000, which was set up to help companies "beat the bug", showed that many firms had not even reached the half-way point of recommended preparations for their systems.

Other results showed that one in 10 companies only started working on the problem last year. By the end of 1998, fewer than half the companies surveyed (44%) had spent more than 60% of their budgets, while many appeared unsure of their legal requirements on issues such as health and safety.

Prime Minister Tony Blair last year personally underlined the need for immediate action in time for the year 2000. According to the Financial Times he said, "The Millennium Bug is one of the most serious problems facing not only British business but the global economy. Its impact cannot be underestimated. That is why we are determined to lead the way in increasing awareness and dealing with the problem."

But Robin Guenier of Taskforce 2000 said British companies were not doing, or spending, enough. "The Government has been saying for over a year that big business is on course," he said according to the Financial Times. "This survey shows that this is not so. Therefore, as most observers agree that small business and the public sector are in trouble, the British economy is facing an emergency."

DATE: 1/20/99

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