Mr Hodge said the council's plans for a trading arm were "bold and innovative" and would help the local authority fill the gap left by a reducing government grant and also keep any future council tax rises down.

BBC: Surrey County Council unveils 'trading arm' plan

But Martin Wheatley, the chief executive designate of the Financial Conduct Authority, said that - although there was a savings gap in the UK - people had not trusted financial services.

BBC: Commission sales are abolished on financial policies

Distrust between Netanyahu and Palestinian Authority President Yasser Arafat remains, despite U.S. President Bill Clinton's attempts to bridge the gap between the two sides.

CNN: Main banner