In the aftermath of the festive period, the Church of England is shifting its focus to give support and advice to thousands of people faced with post-Christmas debt problems.

The Church is commencing the 'Matter of Life and Debt' initiative today, which will see clergy offering help to those in trouble by finding them professional advice.

The campaign will look to aid the public in combating the effect of the credit crunch which has hit Britain recently, reports The Daily Mail.

Already surveys are revealing that business confidence is declining and there are warnings of an impending recession.

More than half of firms are pessimistic about the future, according to a Lloyds TSB poll.

In addition, 600 companies were polled by the Grant Thornton accountancy firm, which found the balance of businesses feeling optimistic about the2008 against those feeling pessimistic is getting worse.

The difference between optimistic and pessimistic firms was just 14 per cent - a massive decline on 2007's figure of 43 per cent. The number is alarming in light of the far greater optimism in the USA, despite the fact that the credit crunch is affecting the US much more than the UK.

Also across the EU, confidence is more than twice the level in the UK - standing at more than 35 per cent.

It is expected that the Bank of England will react to the present climate on Thursday by cutting interest rates.

The Church of England is launching the initiative hoping to offer support to those who are most anxious about how the current climate is affecting them.

The Church has even set up a list of prayers specifically designed to offer comfort on its website.

One such passage is taken from Romans 13:8 which states: "Let no debt remain outstanding, except the continuing debt to love one another."