THE Government is facing calls to freeze assets held in Britain belonging to ousted Egyptian president Hosni Mubarak.

Ministers said that they would need a formal request from the Egyptian authorities before they could move against Mr Mubarak’s funds or property in the UK.

However the Serious Fraud Office indicated it was monitoring the situation while Business Secretary Vince Cable warned the Government could take action against any British bank found to have improperly helped him shield his wealth.

The former president is reputed to have amassed a fortune worth billions of pounds during his 30 years in office, with funds in British and Swiss banks and properties in London, New York and Los Angeles.

Many Egyptians believe he and his family accumulated vast sums in kick-backs from military deals and government privatisations and there were repeated calls from demonstrators demanding “Give us our money back”.

Egypt’s military rulers are dissolving the parliament and suspending the constitution, meeting two key demands of pro-democracy protesters.

In their latest communique, the military leadership that took power when President Hosni Mubarak stepped down on Friday, said they will run the country for six months, or until presidential and parliament elections can be held.

Earlier, the country’s prime minister said the caretaker government’s priority now is restoring security as the country transitions from three decades of Mubarak’s rule to a democracy.

LOOTERS escaped with 18 items from the Egyptian Museum during the unrest