Worrying statistics published by the Office for National Statistics as part of its National Accounts, have revealed that Britain is the most heavily debted country ever to be seen in history.

Personal debt in Britain outstrips debt of all the other developed countries in the Group of Seven (G7), who are considered the most developed economies in the world. It even exceeds the level of debt which Japan faced at its peak in 1990, before it fell into almost a decade of inflation.

The ratio of debt to income is not only higher than any of the other seven developed economies, it is also significantly higher than it was five years ago.

Families in the United Kingdom, owe on average, a record 173 per cent of their incomes. This has risen dramatically since just five years ago when figures showed that Britons on average owed 129 per cent of their income.

Economists warn that the figures really demonstrate the scale of the economic slowdown which we are facing in the United Kingdom.

Michael Saunders at Citigroup said that "Not only are we the highest in the G7, we are the highest a G7 country has ever seen."

Economists are concerned that the figures may mean that the country is heading for a more severe economic crisis than anyone had previously predicted.

Jonathan Loynes, of Capital Economics, said: "With growth already so weak in the first quarter before the full effects of the credit crunch and housing downturn had been felt, the economy looks set to slow significantly further over coming quarters.

"We now expect GDP growth to slow to just 0.5pc in 2009, with a very real chance of a technical recession."

Philip Shaw of Investec added: "Although we take the view that the economy will avoid a recession, our confidence is ebbing."