Town halls are facing significant delays to private-finance projects as a result of the credit crunch, a survey of councils has found. The study by 4ps, which helps councils deliver private-finance projects, also found that half of the 200 councils surveyed are unable to achieve their efficiency gains, due to the credit crunch. Research shows almost one-third of councils have seen project costs rise and one-third have experienced delays. Over one-third of authorities believe the current financial instability will have a large impact on major projects. Chris Wilson, 4ps' executive director, said: ‘The downturn is resulting in delays to projects, higher borrowing costs, and an inability to syndicate debt between banks.'