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Under-investment in IT is a 'chronic problem'

Entrepreneur Luke Johnson has warned businesses are more likely to go under if they do not have a clear IT strategy.

Speaking to the Today programme, Mr Johnson said: "The UK economy needs more computer scientists here rather than outsourced to India.

He said the lack of investment in IT is also a "chronic problem right across the banking industry".

"RBS [Royal Bank of Scotland] admitted recently that they had decades of under-investment in IT, and that's why sometimes their systems crash," he said.

Luke Johnson is well-known for his involvement with Pizza Express and is the part owner and chairman of Patisserie Valerie, Gail's Artisan Bakery and Feng Sushi among other businesses.

First broadcast on the Today programme on Thursday 12 December.