Recently published data from the Telegraph indicates that Britain’s level of personal debt is the highest ever recorded in a G7 nation. 

"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," Capital Economics’ Jonathan Loynes told the Telegraph. 

Loynes further told the paper that gross domestic product could drop to 0.5 per cent in 2009. He added that the full weight of the credit crisis was still to come. 
 
The Telegraph report highlighted study results from the Office of National Statistics, which indicates that debt levels among British families can be measured as owing 173 per cent of their incomes, compared to 129 per cent five years ago. They further indicate that this is the highest personal debt level among the G7 nations.