British technology companies face a “serious risk” from the collapse of Silicon Valley Bank UK, the Chancellor has warned, as he vowed the Government will do “everything we can” to protect them.
Jeremy Hunt said he has been in talks over the weekend with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey, and “we are working at pace on a solution”.
He said the plan will backstop the cashflow needs of firms affected by the implosion of the bank, a lender to “some of our most promising and exciting businesses”.
