Does financial budgeting work in the UK?

Does financial budgeting work in the United Kingdom? In the September issue
of Accounting & Business, Peter Bebb notes the fixed period of the budget
does not allow organisations to change as conditions and priorities change.
In addition, the budget builds or not on the previous year's
budget.

For instance, the budget does not forecast the loss or gain of major contracts.
There should be a gradual increase in sales/revenues. For instance, the budget
at British Airways (BA.Com) must have seen some modification following major
fines over breaking competition laws.