According to The Telegraph, `Britons will be poorer in coming decades` because of the financial crisis.

The paper reports that Britain`s total public sector net debt will be `catapulted` from below 40% in 2008 to around 80 – or possibly even beyond 100%. This is partly due to the extra funds needed for financing unemployment benefits, `bailing out` banks, etc.

Ray Barrel, Chief UK Economist at the National Institute for Economics and Social Research, believes that Britons will have to deal with the fact that the UK will be poorer in the next few decades.

The Telegraph claims that the UK faces a `more serious long-term crisis` due to the make-up of its population. National debt could increase to around 200% of Gross Domestic Product (GDP – a measurement of the nation`s productivity) by 2050 because of the ageing of the population and the effect of pensions policies – according to calculations by S&P (Standard & Poor).

A debt expert for Think Money said: “A rise in the national debt is almost certain to lead to the Government spending less and taxing more, which could put a strain on many households` finances.

“Anyone concerned about their finances should contact a professional debt adviser without delay.”