Real debt levels are £65,000 each

Britain is more in debt than first imagined, meaning that individuals will be helping pay it off for even longer.

The Office of National Statistics (ONS) puts the national debt at £4tn, double what had been previously estimated. That works out for £65,000 for every man, woman and child in the country.

Obviously, individuals won't be paying back that amount directly, but many could be forced to seek debt advice if taxes are raised further and there are more cuts to public services.

However, Mike Denham from the Tax Payers' Alliance believes that even these figures may not be comprehensive. He thinks that once the full extent of state pension liabilities and the bank bailouts are taken into account, the total debt may be closer to £8tn.

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