One fifth of British IT projects run more than 50 percent over budget.

That’s according to a survey of one hundred CIOs at large companies in the U.K. and Ireland, who said that half of IT projects ran 11 to 50 percent over budget, and a further 21 percent of all projects were at least 51 percent over budget.

Rather depressingly, only 15 percent of respondents expected live projects to reach their budget targets. Based on an average project budget of