Urgent plans are being drawn up to 'avoid or minimise damage' from the disruption threatened by the collapse of the UK arm of Silicon Valley Bank, Chancellor Jeremy Hunt has told Sky News.
"It happens to look after the money of some of our most promising and exciting businesses."And so I want to reassure people, I've been in discussions over the weekend until late last night with the prime Minister, the governor of the Bank of England, many other people.
"But obviously what we want to do is to find a longer term solution that minimises or even avoids completely losses to some of our most promising companies." Dom Hallas of the Coalition for a Digital Economy said:"It is clear this could have a significant impact on the UK's tech start-up ecosystem."We know that there are a large number of start-ups and investors in the ecosystem who have significant exposure to SVBUK and will be very concerned.
The insolvency announcement came after SVB was put under US government control on Friday afternoon in the biggest failure of a US bank since the 2008 financial crisis.The move will allow depositors to be paid up to £85,000 from the deposit insurance scheme.
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