Her Majesty's Inspectorate of Constabulary (HMIC) said victims are being failed, criminal cases shelved and suspects aren't undergoing proper supervision.
The watchdog found one force was "outstanding", 28 forces were "good", 13 "require improvement" and one was found by HMIC to be "inadequate".
Sergeant David Turtle, an ambassador for the Christian Police Association, told Premier's News Hour: "[Pray] that this report might highlight to those in authority that we need to review the level of cuts that are being made".
HM Inspector Zoe Billingham said: "We are leading to a very serious conclusion regarding the potentially perilous state of British policing in this report.
"Over the last few years, HMIC has said consistently that police forces were managing well in increasingly difficult circumstances.
"Nonetheless, today, I'm raising a red flag to warn forces of the consequences of what is, to all intents and purposes, an unconscious form of rationing of police services."
The HMIC report highlighted cases where inexperienced officers were left to conduct complex investigations, while some emergency calls were downgraded to justify slower responses.
HMIC also concluded that a shortage of detectives and investigators had reached a "national crisis", while there are 46,000 wanted people across England and Wales - including murderers and rapists.
Policing minister Brandon Lewis said police funding has been protected by the Government, adding: "There can be no excuse for any force that fails to deliver on its obligations - those identified as inadequate or requiring improvement must take HMIC's findings very seriously and I expect to see rapid improvements."
Sergeant Turtle went on to say: "[Pray] that the stresses and anxieties upon them - and their families, don't forget - that they will be relieved of some of those pressures and that they will feel supported, and that spiritually they will feel protected."
Speaking about the perception of police morale, he went on to say: "It is low and the reason for that is the constant churn of change within the organisation, and also the future changes that we have to make with £400 million cuts in our budget up to 2020."
Click here to listen to Premier's Marcus Jones speaking with Sergeant David Turtle: