Turmoil could stall £5bn scheme to widen the M25

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Fears were raised today that the reluctance of banks to lend money could delay the project, which is due to start in April and be completed by 2012.

It comes as major Tube upgrade works are also under threat as a result of the financial turmoil, the Standard has learned.

The M25 scheme is just one of a number of the Government's £44 billion private finance initiatives which are facing possible delays because of the difficulty in finding backers.

The project, Britain's biggest-roads PFI deal, would add a fourth lane to 63 miles of the M25 in Kent, Surrey, Hertfordshire and Essex.

Today a Highways Agency spokesman denied the credit crunch would have any impact. He said: "We are on target to bring this to a satisfactory conclusion. Following the successful completion of the funding competition, the Highways Agency expects to award the M25 contract in early 2009."

Meanwhile, maintenance firm Tube Lines is facing a cash crisis which could delay or cancel parts of its modernisation of the Jubilee, Northern and Piccadilly lines.