Government to meet tech firms following collapse of Silicon Valley Bank UK

The collapse of SVB UK’s parent company was the largest bank failure since 2008. Photograph: Jeppe Gustafsson/Rex/Shutterstock

The UK government is coordinating an emergency meeting with tech firms, who are expected to call for state intervention to avoid the failure of hundreds of firms following the collapse of Silicon Valley Bank UK (SVB UK).

The chancellor, Jeremy Hunt, also spoke with the Bank of England governor, Andrew Bailey, on Saturday morning, just hours after the collapse of SVB UK’s parent company, which marked the largest failure by a bank since the 2008 financial crisis.