(Reuters) - Ernst & Young LLP <ERNY.UL>, one of the "Big Four" accountancy firms, is set to hire 3,700 people in Britain alone by the end of June 2014 to satisfy growing demand for business advice, the Times reported on Sunday.

The firm, which currently has 11,000 employees in Britain, will take on 2,400 professionals, including partners, and 1,300 students spread almost equally across its assurance, tax, advisory and transactions units, the newspaper said.

"We're seeing a huge reduction in the number of businesses looking to cut costs, and more looking instead to take on the risks associated with growth," the Times quoted Ernst & Young Chairman Steve Varley as saying.

Ernst & Young was not available for comment outside regular business hours.

(Reporting by Abhirup Roy in Bangalore; Editing by Nick Zieminski)