Iceland cash freeze protects savers

The Government has seized more than enough Icelandic assets to pay back British savers caught up in the country's banking collapse, it was revealed.

Some £4 billion is understood to have been frozen using anti-terror laws last week, compared to the estimated £3 billion that UK councils, charities and individuals stand to lose.

Treasury Chief Secretary Yvette Cooper insisted the assets would not be released until a deal had been struck with Iceland's authorities to return British money.

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