INTERNATIONAL accountancy and consultancy partnership Ernst & Young said it made a profit of £75.2 million sterling in Britain as it revealed financial details of its operations for the first time yesterday. The 21 per cent rise in profit in the year to June 30th was made on gross fee income of £456 million and represented a 17 per cent rise in average profit per partner of £200,000.

Ernst & Young's senior partner Mr Nick Land also said its worldwide revenue would show a 13 per cent rise to $7.8 billion (£4.6 billion).

He also confirmed that the firm still planned to become a limited liability partnership registered in Jersey despite the British government's declared intention to introduce legislation recognising partnerships of this kind in Britain.

Ernst & Young is the world's largest tax accountancy practice and the second largest management consultancy after Arthur Andersen. It was formed in 1989 from the merger of Ernst & Whinney and Arthur Young.

Ernst & Young's move to limited liability reflects an industry-wide change whereby accountancy firms feel exposed by their current unlimited liability status, which puts personal assets in jeopardy if the firm were to become insolvent.

Under a limited liability partnership, only the capital subscribed by each partner, which currently totals some £72 million, and the personal assets of those partners shown to be directly responsible for any negligent act leading to a loss would be at risk.

Mr Land said there was too much political uncertainty in Britain ahead of next year's general election.

The firm's move to such status is. dependent on Jersey's legislation being finally approved and on the partnership's tax status being agreed with the Inland Revenue.