European firms are moving ahead faster to cope with the financial crisis compared to their UK counterparts, despite being hardest hit by the recession, a survey reveals. Klaus Kremers, restructuring partner at Roland Berger Strategy Consultants who conducted the survey, said: 'The research demonstrates that UK firms have been far slower than their European rivals to cut back costs and place liquidity management at the heart of their recession coping strategy.' Other figures show that 78% of European firms implemented cost cutting programs whilst 69% focussed on better liquidity management however, only 45% and 28% of UK counterparts surveyed that they had implemented these measures respectively. In addition, European firms acted tougher with redundancies with nearly double- 30%- of them axing jobs compared to those in the UK. Bill Upton, restructuring partner at Roland Berger said: 'UK firms must concentrate on reducing overcapacity and adjusting their cost base, within the constraints of their liquidity position, if they are to survive through to the eventual upturn unscathed, and be in a strong position to gain market share when it does hit.' He added: 'We are far from out of the woods yet, and despite companies now looking ahead nervously to 2009/10 year end results, very few have adjusted plans to match the prevailing poor economic conditions.' 78% of Western European firms reported that they felt the brunt of the recession by the end of 2008 compared to only 46% of UK firms who felt the same.