The dramatic collapse of America’s parent bank on Friday, March 10, was the biggest since the 2008 financial crisis.
British Finance Minister Jeremy Hunt said today that he is working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to “avoid or minimize damage” resulting from the chaos that engulfed the British branch of Silicon Valley Bank (SVB).
“We will put forward immediate plans to ensure that the short-term operational and cash flow needs of SVB’s UK customers are met.”Hunt said.
The dramatic collapse of America’s parent bank on Friday, March 10, was the biggest since the 2008 financial crisis. This bank is focused on technology startups.
Over the weekend, Hunt, Sunak and Bailey discussed the issues facing UK tech companies hit by the collapse, the UK Treasury said.
Hunt said the issue was a “high priority” for the UK government and that, given the importance of the bank to its customers, its failure could have a significant impact on some companies.
More than 250 chief executives of British technology companies signed a letter addressed to Hunt today calling on the government to intervene, a copy seen by Reuters showed.
(Srna)