Ernst & Young say the number of profits warnings issued by companies publicly listed in the UK have risen to their highest number since November of 2001.

There were 42 such warnings issued in April and 97 in the full second quarter of the year, and there profits warnings are running at a level of 2 per day this month.

The highest number of second quarter warnings in any sector was 13, from the support services sector and from media and entertainment businesses, while general retailers issued 10 profits warnings.

This is seen as a reflection of a slowing economy, and was used to continue calls for rate cuts by the Bank of England.